Turning deaf ears to the agonizing plight of Nigerians arising from its insistence on not shifting the expiration date of old Naira bills, the Central Bank of Nigeria, CBN has rolled out requirements for the deposits of the outdated Naira bills.
The bankers’ bank, in a circular, obtained by Theliberationnews explained that with the old 200, 500 and 1,000 naira notes outdated, Nigerians have between today 15th February and Friday 17th February to deposit their old cash with the apex bank as it listed procedures.
The bank clarified that the exercise is strictly for the deposit of cash and not a cash swap program noting that the depositor’s account will be credited upon the validation of their account and that can take up to 4 weeks.
Below are the steps to follow:
1. Visit the CBN website and fill out an online form to generate a code or go along with the money to the nearest CBN branch in your state to obtain the form and fill.
2. Go along with any means of federal government recognised identification card such the national identity card, voter card, or driving license.
3. A teller would be issued to you at the CBN branch and the old notes will be collected and deposited into your accounts. The operation starts from 9 am to 2 pm, from February 15 to 17.
According to the apex bank individuals are to bring the money to be exchanged personally and the deposits cannot be made by proxy.
Theliberationnews observed that the cash deposit program will allow Nigerians to overcome fears of losing their money after the initial deadline but it will compound their woes of being without money for at least 4 weeks since that is the duration it will take the apex bank to process the deposited money.
