The Central Bank of Nigeria (CBN) recently announced a deadline for the return of old N500 and N1000 notes. However, confusion has arisen across the country over the process for exchanging these old notes, particularly given contradictory actions by commercial banks.

While the CBN has denied directing banks to collect old notes from customers, many banks have opened branches for the purpose of accepting deposits of old notes.

In this article, we will explore where to exchange old Naira notes apart from banks.

Banks’ Contradictory Actions

The contradictory actions of commercial banks with respect to the collection of old Naira notes have created confusion among members of the public.

While some banks have opened their branches to accept deposits of old notes, the Central Bank of Nigeria (CBN) has denied giving such a directive. This has left many people unsure of where they can exchange their old Naira notes.

CBN’s Portal for Old Note Exchange

To facilitate the exchange of old Naira notes, the CBN has opened a portal on its website where individuals can fill a form and generate a reference code for their old notes.

However, it is important to note that the CBN has specified that only deposits of N200 notes will be accepted for circulation as legal tender up to April 10, 2023, in accordance with the directive of the President.

Despite this, the cash redemption portal of the CBN directs customers with old notes totalling N500,000 and below to commercial banks to make deposits. This has led to confusion among members of the public who are unsure whether they can exchange their old notes at commercial banks or if they are limited to the CBN’s portal.

Where to Exchange Old Naira Notes Apart From Banks

You can only exchange your old at the bank. However, you can deposit your old notes at CBN branches nationwide but you won’t be given new notes. Rather, after verification, the amount deposited will be sent to the bank account you provided.

N/B: You must provide an account that’s linked to your BVN.