CBN Reveals Three Steps To Deposit Old Naira Notes, Says Commercial Banks Will Not Accept It

The Central Bank of Nigeria (CBN) has stated that old Naira notes can only be deposited at the apex bank, disclosing that commercial banks will no longer accept them.

In a statement on Monday, 13 February 2023, Haladu Andaza, the CBN Branch Controller in Bauchi, said old Naira notes have ceased to be legal tender, beginning from Friday, 10th February 2023.

This statement runs contrary to the Supreme Court’s ruling, which restrained the Federal Government and the CBN from phasing out the old N200, N500 and N1,000 banknotes until a court hearing on Wednesday, 15 February 2023. 

A day before the Supreme Court gave its judgement on the suit filed by three Northern states (Kaduna, Kogi and Zamfara) against the federal government, the central bank had informed Nigerians that the aforementioned old denominations can no longer be used to trade. 

Fake notes surface as banks stop accepting old notes

Andaza revealed that fake Naira notes are now in circulation across the country, adding that commercial banks will not receive old notes for deposits. 

“In the last 24 hours, we have been inundated by questions from various angles of the general public about our operational guidelines on the old currency notes, be that as it may, there are so many questions here and there which people have been asking about,” Andaza said. 

He added that “So for the avoidance of doubt, we wish to state categorically that CBN is ready and is opened to receive all of those old notes based on certain conditions and criteria. Customers are free to come to the Bank and deposit which they cannot do at the Commercial Banks anymore because the currency has seized to be a legal tender since the 10th of this month.” 

How to deposit old notes at CBN

There are several steps that must be taken to deposit your old notes at the central bank. It is more stressful than depositing your funds at commercial banks. 

CBN has offices across 36 states, including the FCT Abuja, where the old notes can be deposited. 

• First, you need to visit CBN’s portal to fill out a currency redesign and exchange form.
• After filling out the form, you are expected to generate a code on the portal, which you can either print or save on your phone.
• Take the code, information and the old Naira notes you intend to deposit to any central bank office, where the genuineness of the cash will be checked and received.