CBN Launches Portal For Deposit Of Old Naira Notes

The Central Bank of Nigeria (CBN) has established a deposit portal for old naira notes. During a Wednesday check on the apex bank’s website, the bank, which had recently received a slew of public outcry over Naira scarcity, published a notification titled ‘redemption of currency’.

Nigerians can ‘redeem’ their old N1,000, N500, and N200 notes by filling out an online form, according to the CBN. The notification also included a link to the portal where people could deposit old notes they had in their possession. “Please click here to create your profile, generate a reference, and print out a receipt so that you can proceed to your nearest CBN branch to deposit your old N1000, N500, and N200 notes into your bank account,” According to the notification.

Customers were asked to provide their Bank Verification Number (BVN), email address, phone number, bank account details, depositor information (including house address), and the total amount of the denomination to be redeemed in order to generate a reference number. Earlier on Wednesday, the Supreme Court stated that its February 8 order prohibiting the Federal Government and its agencies from enforcing the February 10 deadline for the use of old N200, N500, and N1,000 notes remained in effect.

The Supreme Court also set February 22 for the hearing of the suit filed by Kaduna, Kogi, and Zamfara states challenging the constitutionality of the Federal Government’s naira swap policy. The court set the date after the Attorneys General of Katsina, Lagos, Cross River, Ondo, Ogun, Ekiti, and Sokoto states joined the earlier suit filed by Kaduna, Kogi, and Zamfara states as co-plaintiffs