The exercise was a “Cash Deposit Program, not a Cash Swap Program,” the apex bank emphasized.
By Omotayo Olutekunbi
The Central Bank of Nigeria (CBN) has released guidelines to deposit old versions of the redesigned naira notes at its branches nationwide.
The apex bank announced on Tuesday amongst other things that the exercise will be open only between February 15 and 17.
The bank emphasized that the deposit is not a cash swap program and that new notes will not be issued in exchange for old notes. Instead, the old notes will be accepted by the bank and an account that will be provided by the depositor shall be credited.
“Please note that this is a Cash Deposit Program, not a Cash Swap Program. You will not be issued new notes in exchange for old notes, instead, your bank account will be credited after your account is validated by law enforcement.
“This process may take up to 4 weeks,” the guideline read, adding that “If the validation of account turns out negative, the Bank will return the deposited notes.”
The CBN also disclosed that third-party deposits will not be allowed during the exercise as account information must be provided by their real owners.
“Third-party deposits are not allowed. The account information provided must be that of the depositor.
“Members of the public are required to complete an online application form and generate a reference number before coming to the CBN.
“Where a customer did not pre-fill their form, he/she will be given the opportunity to fill the form at the Branch.
“The Cash Deposit Window is open to the public from February 15 – 17, 2023, between 9 am to 2 pm daily,” the guideline further read.
The bank listed a reference code generated from a form on the CBN portal, an active bank account, Bank Verification Number (BVN), and a valid government identity card as requirements to participate in the process.
Related posts
Reviews
Follow Our Activities On Facebook
11 hours ago
18 hours ago
20 hours ago
20 hours ago
1 day ago
SUBSCRIBE
[mc4wp_form id=”2012″]
Top Reads!
#BigBrotherNaija “Level Up” Week 6
Though last Sunday Sunday was meant to be a “no-eviction” day, it came as a shocker when fake housemate, Modella…
Dating in 2022; Situationships Are Not For The Fainthearted
Situationships are defined as that space between a defined relationship and something other than a friendship. It is a romantic…
20 Questions With Dinta Media’s Visual Storyteller, Chimeremogo Nwoke
Dinta Media is not really just a media production brand but we like to see ourselves as a hub for…
How Are Nigeria’s Small Businesses Coping?
The current rising rate of inflation and other burdens against the Nigerian economy speaks to the realities of the times.
Thrifting Is All The Rave Now, Here’s Why
By Amy Adindu The affordable clothing movement has gained global attention and acceptance as we’re all trying to look like…
#BigBrotherNaija “Level Up” Week 2
Week 2 of the highly watched Nigerian TV show kicked off with an early plot twist. On Sunday, Big Brother…
#BlueTunes: Burna Boy, Omah Lay Top Album Picks For July
July was a promising month for music lovers; from Lizzo’s album titled Special and Imagine Dragons’ Mercury, (Acts 1 &…
#BlueTunes Album Picks For June
Gbagada Express – Boj Bolaji Odojukan, popularly known as BOJ, was raised both in England and Nigeria. He shot to…
“A Creative’s Dream” with Jeff Chinonso
On the 26th of June 2022, Jeff Chinonso hosted his first solo art exhibition. The Augmented Reality exhibition themed “A…
Nigerian API-based company Thepeer raises $2.1 million
Tech infrastructure startup Thepeer has raised a $2.1 million seed round according to a report from TechCabal. Thepeer, a Nigerian…
Dika Ofoma, Ugochukwu Onuoha take on grief in Debut Film “The Way Things Happen”
The twenty-minute film focuses on the loss of a loved one, and how grief changes a person.
Nigerian Startups might just be Crippled by a Recently Leaked bill
Over the years there has been talks of amendment on the 2007 Act of the National Information & Technology Agency (NITDA).
Why We Love Kelechi Amadi Obi
The definition of talent is Kelechi Amadi’s iconic story. Imagine a person who studies law in school, gets called to Bar, and leaves it all for something different and unrelated…Painting!