The Central Bank of Nigeria, CBN, has informed citizens that no cash swap for old notes will take place in any financial institution.
Despite a Supreme Court ruling, the CBN has already declared that the old N200, N500, and N1000 notes are no longer legal tender.
The apex bank issued guidelines on Tuesday for depositing old notes at any of its branches across the country between February 15 and 17.
“You will not be issued new notes; instead your bank account will be credited after your account is validated by law enforcement,” it said.
Noting that the process could take up to four weeks, the guideline states that deposited notes will be withheld if the owner’s account is not validated.
Third-party deposits are also not permitted; the account information provided must be that of the depositor.
Before visiting the CBN, account holders must fill out an online application form and generate a reference number.
If a customer did not pre-fill their form, he or she will be given the opportunity to do so at the branch.
The reference code generated by the CBN portal, an active bank account, a Bank Verification Number, BVN, and a valid government identity card is all required.
The Cash Deposit Window is open to the public from 9 a.m. to 2 p.m. daily from today until Friday, according to the advice.
