How Do I Return Old Naira Notes to CBN?

How Do I Return Old Naira Notes to CBN? – In this article, you will see a comprehensive guide on how to return old naira notes to CBN.

It will cover the CBN’s portal for old naira note collection, 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.

The Central Bank of Nigeria (CBN) has launched a portal for Nigerians to deposit their old naira notes amid a scarcity of new notes. 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.

The CBN’s Portal for Old Naira Note Collection

The Central Bank of Nigeria (CBN) has made it easier for individuals to return their old naira notes by launching a portal for old naira note collection.

The portal, which can be accessed at crs.cbn.gov.ng, requires depositors to fill in their Bank Verification Number, phone number, email address, bank details, address, the amount to be deposited, and the denominations to be deposited.

After filling in the required information, a reference number is generated for the depositor to track the status of their deposit through the portal.

The depositor is also expected to visit a CBN branch with a printout of the filled form to complete the process.

This initiative by the CBN is aimed at easing the process of returning old naira notes and ensuring that they are withdrawn from circulation.

Guidelines for Depositing Old Naira Notes at CBN Branches

If you have old naira notes that you want to deposit at a CBN branch, there are guidelines that you should follow to ensure a smooth process. Here are the steps you need to take:

Complete an online application form: To deposit old naira notes at a CBN branch, you must complete an online application form. On the portal, crs.cbn.gov.ng, you will be required to provide your Bank Verification Number, phone number, email address, bank details, address, the amount to be deposited, and the denominations to be deposited.
Obtain a valid means of identification: You must have a valid means of identification to deposit old naira notes at a CBN branch. This could be your National ID card, driver’s license, international passport, or voter’s card.
Get a completed teller: A completed teller will be provided to you after you have filled out the online application form. You must bring this teller with you to the CBN branch.
Visit the CBN branch: Once you have completed the online application form and obtained a valid means of identification and a completed teller, you can visit the CBN branch to deposit your old naira notes.
Have an active account with a Deposit Money Bank: The CBN branches do not open accounts for individuals. Therefore, individuals who wish to deposit their old, redesigned notes must have an active account with a Deposit Money Bank.
Comply with instructions: When in the CBN branch premises, individuals who wish to deposit their old naira notes are required to be orderly and comply with the instructions of the security personnel and other staff.
Validation: If validation turns out negative, the Bank will return the unvalidated old, redesigned notes in the form deposited.

By following these guidelines, you can ensure a smooth process for depositing your old naira notes at a CBN branch.

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

Supreme Court Ruling and Its Impact

The Supreme Court ruling on the legality of the deadline for the collection of old naira notes has caused uncertainty and confusion among the Nigerian public. The court adjourned the case until February 22, 2023, but stated that the old notes remain legal tender until its next hearing.

Despite this, the Central Bank of Nigeria has opened a portal for the collection of old naira notes, indicating that the deadline is still in effect.