CBN denies fixing February 17 deadline for deposit of old Naira notes at its offices

The Central Bank of Nigeria (CBN) has reacted to a document alleging the apex bank has fixed February 15 and 17 as deadline to deposit the old N200, N500 and N1,000 notes at central bank offices nationwide.

In a document titled “GUIDELINES TO DEPOSIT OLD NGN1000, NGN500 AND NGN200 NOTES AT THE CBN,” it was stated that the CBN said it would stop accepting the old denominations from February 17, seven days after Deposit Money Banks (DMB) stopped accepting them.

The guideline was shared by the former Chairman of the Nigerian Electricity Regulatory Commission (NERC), Sam Amadi, via social media, Twitter, on Tuesday.

Speaking to Ripples Nigeria via phone on Wednesday, CBN Director of Corporate Communications Department, Osita Nwanisobi, said he hasn’t seen the document, but if his signature isn’t on the document, then it should be disregarded.

“If my signature is there, then it is from the CBN to the public. Any document my signature is not there, it is not from the CBN to the public.”

When our correspondent shared the document with him, Nwanisobi wrote back, disclosing, “I am not aware of this document. CBN signs every communication they send out to the public.”

The CBN had announced guidelines for deposit of old notes at its offices nationwide, but had not put a deadline date to its announcement.

What you need to know

Ripples Nigeria confirmed that Nwanisobi’s signature wasn’t on the document which states that Nigerians must provide their Bank Verification Number (BVN), a reference code generated on the CBN portal, National Identification Number (NIN) or other means of identification such as a Driver’s License Card or International Passport.

READ ALSO:CBN releases guidelines for deposit of old notes at branches

Part of the document reads, “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.

“If the validation of account turns out negative, the Bank will return the deposited notes.

“Third party deposits are not allowed. The account information provided must be that of the depositor.

“Members of the public are required to complete an online application form and generate a reference number before coming to the CBN. Where a customer did not pre-fill their form, he/she will be given the opportunity to fill the form at the Branch.

“The Cash Deposit Window is open to the public from February 15-17, 2023 between 9am to 2pm daily,” the statement reads.

It also listed requirements;

1. Reference code generated from completed online application form fill on CBN Portal

2. An active Deposit Money Bank account e.g. Access, Zenith, GT, Keystone Banks.

3. Bank Verification Number (BVN).

4. A valid Federal Government issued identity card (NIN, Driver’s License Card, Internationa Passport)

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now