CBN Portal to Deposit Old Notes – Fill CBN Form for Old Naira Deposit Here – https://crs.cbn.gov.ng/
CBN Portal to Deposit Old Notes – CBN Portal to Deposit Old Notes – See the step-by-step guide on how to Fill CBN Form for Old Naira Deposit on the CBN old Naira portal. In this article, we will explore the details of the CBN portal, how it works, and what Nigerians need to know to take advantage of this opportunity to exchange their old banknotes.
The Central Bank of Nigeria (CBN) has launched a portal for the redemption of old banknotes as part of its currency redesign policy. The portal allows Nigerians who missed the deadline to exchange their old N1,000, N500, and N200 notes for the new ones to deposit them by completing an online form.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaThe move is aimed at ensuring a smooth implementation of the policy, and it is expected to run for a limited time.
See Also: List of Nigerian Banks Accepting Old Naira Notes
Overview of the CBN Portal for Depositing Old Notes
The Central Bank of Nigeria (CBN) recently launched a portal for Nigerians to deposit old Naira notes. The move is part of the CBN’s currency redesign policy and is aimed at ensuring a smooth implementation of the policy.
The portal allows Nigerians who missed the deadline to deposit old N1,000, N500, and N200 notes at commercial banks to deposit them by completing an online form on the platform. The process involves filling in personal details and bank information, after which a reference number is generated. This reference number is to be presented at the nearest CBN branch to deposit the old notes into a bank account.
This article will provide an overview of the CBN portal for depositing old notes, including the guidelines for depositing old notes, the types of notes accepted, and the duration of the exercise.
See Also: How to Register on CBN Old Naira Cash Collection Portal
Background on the Currency Redesign Policy
The Currency Redesign Policy is an initiative of the Central Bank of Nigeria (CBN) aimed at addressing the challenges posed by the circulation of mutilated, defaced, and counterfeit banknotes in the country.
The policy was introduced in 2013 and has undergone several phases of implementation since then. The ultimate goal of the policy is to promote a cashless economy and reduce the cost of currency management in Nigeria.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaSee Also: CBN old naira notes portal; How to deposit old Naira notes in CBN
As part of the policy, the CBN has redesigned several denominations of the Naira and introduced new security features to enhance the integrity of the currency. In addition, the CBN has encouraged Nigerians to exchange their old banknotes for new ones and has provided guidelines on how to do so.
The CBN portal for depositing old notes is the latest effort by the central bank to facilitate the redemption of old banknotes and ensure the smooth implementation of the currency redesign policy.
See Also: How to Track your Deposit on CBN Old Naira Cash Collection Portal
Guidelines for Depositing Old Notes at a CBN Branch
To deposit old notes at a CBN branch, customers are required to have a completed online application form, copy of valid means of identification, and a completed teller. Customers can access the online application form through the CBN portal at cbn.gov.ng or https://crs.cbn.gov.ng/
After verifying the account, the amount equivalent to the cash will be deposited into the customer’s bank account. It should be noted that CBN branches do not facilitate individual account openings, so those who intend to deposit their old, redesigned notes must have an active account with a deposit money bank (commercial bank). To deposit their old notes, individuals must follow the instructions of security personnel and staff within the Bank’s premises in an orderly manner.
In case the validation process fails, the Bank will return the unverified old, redesigned notes in the same form they were deposited. It is important to keep in mind that the guidelines for depositing old N200, N500, and N1,000 banknotes started on Wednesday afternoon and will run until Friday, February 17, 2023.
