Deadline for old notes is February 17; CBN issues instructions
There will not be any cash exchange for old notes at any financial institution, according to the Central Bank of Nigeria (CBN).
Despite a Supreme Court decision, the CBN has already proclaimed that the previous N200, N500, and N1000 are no longer accepted as legal money.
The rules for depositing old notes at any of its branches nationwide between February 15 and 17 were announced by the apex bank on Tuesday.
According to CBN, following careful review, credit would be applied to the bank account the depositor provided in exchange for the old currencies.
After your account has been verified by law enforcement, your bank account will be credited rather than new notes being issued to you, it stated.
The policy said that the process may take up to four weeks and that the deposited notes would be held back if the owner's account could not be verified.
Additionally, third-party deposits are prohibited; the account information submitted must belong to the depositor.
Before visiting the CBN, account owners must complete an online application form and create a reference number.
Customers will be given the chance to fill out their forms at the branch if they did not pre-complete them.
The reference code produced by the CBN portal, an active bank account, a Bank Verification Number, or BVN, and a legitimate government identification card are prerequisites.
The notification also stated that the Cash Deposit Window is open to the public today through Friday from 9 am to 2 pm each day.