The Central Bank of Nigeria (CBN) has released guidelines to deposit old versions of the redesigned naira notes at its branches nationwide.
The CBN announced on Tuesday, February 14, 2023, amongst other things, that the exercise would be open only between February 15 and 17.
The bank emphasised that the deposit is not a cash swap program and that new notes will not be issued in exchange for old notes. Instead the old notes will be accepted by the bank and an account which will be provided by the depositor shall be credited.
“Please note that this is a Cash Deposit Program not a Cash Swap Program. 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.
“This process may take up to 4 weeks,” the guideline read, adding that “If the validation of account turns out negative, the Bank will return the deposited notes.”