CBN Launches Portal For Collection Of Old Naira Notes

The Central Bank of Nigeria (CBN) has launched a portal for the collection of old naira notes to ease the suffering of Nigerians.

Naija News reports that a notification titled ‘Redemption of Currency’ on the website of the apex bank on Wednesday shows the start of the old naira notes collection.

The notification provides a link to the portal to enable Nigerians to deposit their old ₦1,000, N500, and N200 notes by completing an online form.

It reads: “Please click here to create your profile, generate reference, and print out a receipt for you to proceed to the nearest CBN branch to deposit your old N1000, N500, and N200 notes into your bank account.”

The CBN added that to generate a reference number, customers are required to provide their bank verification number, email address, phone number, bank account details, depositor information (including house address), and the total amount of the denomination to be deposited.

However, some conditions for the redemption of currency are required to be met before a customer can create a profile and generate a reference number.

Below are the conditions.

1. Depositors can only access this window once.

2. The apex bank also stated that “beneficiary accounts would only receive value after successful processing of cash deposited and verification of documentation submitted.

3. It said a depositor shall not be entitled to recover from the bank the value of any mutilated or imperfect notes. The circumstances under which such notes may be refunded ex-gratia shall be within the absolute discretion of the bank,

4. The CBN said depositors can check the status of transactions on the portal.

5. The apex bank said transactions would be concluded within a minimum of three working days.

6. All deposits will be treated in accordance with the relevant laws.