Naira Swap: How to Deposit Old Notes

Following the latest directive by President Muhammadu Buhari on naira notes, Nigerians are expected to return their old N1,000 and N500 denominations as they have ceased to be legal tender.

President Buhari, in a nationwide broadcast on Thursday, ordered the Central Bank of Nigeria (CBN) to retain the old N200 naira notes for circulation, alongside the new notes, while the old N1,000 and N500 naira notes are no longer valid.

Development Diaries seeks to help Nigerians understand what to do with their old notes as regards the CBN and Buhari’s directive.

CBN portal

The CBN has opened a portal for Nigerians to register as the first step required to deposit their old notes at the apex bank.

Nigerians should note that they would not be given new notes in exchange for their old notes when they get to the CBN branch; however, their accounts will be credited after the necessary procedure has been completed.

Nigerians also need to understand that third-party deposits are not allowed, hence the account owner must be the one making the deposit.

Here are the steps

  • Go online and visit the CBN website
  • Click on the instruction that reads, ‘Please click here to create your profile, generate reference and print out receipt for you to proceed to nearest CBN branch to deposit your old N1,000, N500 and N200 notes into your bank account’
  • Complete the online application form and generate a reference number, and print it out.
  • Go to the CBN branch in your state carrying your printed-out reference code or number, your old notes, your bank verification number and a valid federal government-issued identity card

According to the bank’s guideline on depositing the old N1,000, N500 and N200 banknotes, the process commenced on Wednesday, 15 February, and would run till Friday, 17 February.

Photo source: CBN

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