Many Nigerians are asking the question: Is the old naira note still valid? In this article, we will explore the current state of the old naira notes and whether they can still be used or if they must be exchanged for new notes.

Nigeria’s Central Bank has been making efforts to phase out old naira notes in circulation in order to improve the quality of the currency and combat counterfeiting.

However, this has led to uncertainty among Nigerians about the validity of their old notes. Some individuals have found that banks are now rejecting old denominations, making it crucial for them to return their old naira notes to the Central Bank to avoid losing their value.

See Also: How to Generate CBN Reference Number on your Phone for Old Naira Deposit

Central Bank of Nigeria’s (CBN) Portal for Old Naira Note Collection

The Central Bank of Nigeria (CBN) has recently launched a CBN Old Naira portal for the collection of old naira notes from individuals who still possess them.

With banks starting to reject old denominations, it has become crucial for individuals to return their old naira notes to CBN to avoid losing their value.

This move by CBN has generated some confusion and uncertainty among Nigerians as to whether the old naira notes are still valid or not.

In this article, we will explore the validity of old naira notes and provide a comprehensive guide on how to return them to the CBN, including the guidelines for depositing old naira notes at CBN branches and the recent Supreme Court ruling and its impact on the process of returning old naira notes to CBN.

Read Also: How to Register on CBN Old Naira Cash Collection Portal

Depositing Old Naira Notes at CBN Branches

Another way to exchange old naira notes is by visiting a CBN branch in person. The process for depositing old notes at a CBN branch involves filling out an online application form, providing a copy of a valid means of identification, and a completed teller.

The CBN branch will then verify the account and deposit the equivalent value of the cash into the customer’s bank account.

It’s important to note that the CBN branches do not open accounts for individuals, and anyone wishing to deposit old notes must have an active account with a Deposit Money Bank.

Additionally, individuals must comply with the instructions of the security personnel and other staff when in the CBN’s premises.

See the: List of Nigerian Banks Accepting Old Naira Notes

Supreme Court Ruling and its Impact

The ongoing legal battle over the validity of old Nigerian naira notes has left many wondering whether the old notes are still legal tender.

In February 2023, the Supreme Court of Nigeria adjourned a case regarding the legality of the deadline for old notes to February 22, 2023.

Despite this, the Central Bank of Nigeria (CBN) opened a portal for the collection of old naira notes from individuals. This has caused confusion among Nigerians, who are unsure of the current status of the old notes.