Despite Supreme Court Order, CBN Opens Portal for Deposit of Old Naira Notes

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A portal has been opened by the Central Bank of Nigeria (CBN) , on its  official website . where individuals   can complete relevant forms, for the purpose of depositing their old naira notes.

On the portal, which is on cbn.gov.ng, depositors, are required to fill in their Bank Verification Number (BVN), phone number, email address, bank details, address, the amount to be deposited as well as the denominations to be deposited, after which a reference number is generated.

This is, in spite of   the fact, that the Supreme Court yesterday , adjourned till February 22, 2023 hearing  of the case brought before it by the three State Governors of Kogi, Zamfara and Kaduna,on the legality of the February 10, 2023 deadline for the  Apex Bank ,Naira Swap Policy.

The Supreme Court, which adjourned the case till February 22, 2023, had also said the old Naira notes remain legal tender until next Wednesday , when it sits, while it also add other States , as  Plaintiff in the case.

Implementation of a  guideline on the deposit of the old N200, N500 and N1,000 banknotes commenced on Wednesday afternoon and it  is expected to run till Friday, February 17.

To deposit their old notes at the CBN branches, customers would be required to have a completed online application form, copy of valid means of identification and a completed teller. Once the account is verified, the equivalent of the cash would then be deposited in the customer’s bank account.