6 things you need to know before returning your old naira notes to CBN

The old denominations of N200, N500, and N1,000 notes ceased to be legal tender on February 10, 2023, but if you are still in possession of them, below is what you must know about the process of returning them to the Central Bank of Nigeria, CBN.

1. You Cannot New Naira Notes In Exchange for the Old Notes

According to the CBN guideline, the process of returning the old naira notes is under a Cash Deposit programme and not a cash swap programme.

Therefore, 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.

Also, note that this process could take up to 4 weeks.

2. Getting Credited Is Dependent on Account Validation

However, to be credited electronically with the equivalent of deposited old notes, you need to validate that the account is yours. If the validation of the account turns out negative, the bank will return the deposited notes.

Read the rest of the guidelines here>>> https://nigeriatodaynews.com/6-things-you-need-to-know-before-returning-your-old-naira-notes-to-cbn/