Due to a shortage of new notes, the Central Bank of Nigeria (CBN) has opened a portal for bank customers to deposit their old naira notes.
The CBN gave a link to the portal so that Nigerians could redeem (deposit) their old notes in a notification headed “Redemption of Currency” that was placed on its website.
In a broadcast on Thursday, President Muhammadu Buhari gave his approval for the ongoing acceptance of N200 notes as legal cash throughout Nigeria. The president did, however, clarify that the CBN’s order regarding the phase-out of the previous N500 and N1000 notes is still in effect.
To build your profile, generate references, and print out a receipt, please click here. Then, travel to the closest CBN branch to deposit your old N1000, N500, and N200 notes into your bank account.
Please use the CBN website to access this link, https://crs.cbn.gov.ng. Bring the printout to the CBN branch.
A frame that generates a reference number is filled in to establish a profile. Customers must enter their bank account information, email address, phone number, bank verification number, depositor information (including home address), and the total amount of the denomination to be redeemed at this point.
The CBN stated that the “condition for redemption of currency” must be satisfied in order for this process to be completed.
One of the requirements, according to the central bank, is that depositors can only use the window once, and beneficiary accounts won’t get money until the cash has been processed and the presented paperwork have been verified.
The letter further stated that a depositor “shall not be entitled to recover from the bank the value of any mutilated or defective notes.”
Depositors can check the status of transactions on this portal. Transactions would be completed within a minimum of three working days. “The circumstances under which such notes may be repaid ex-gratia shall be within the absolute discretion of the bank. The applicable legislation will be followed in the treatment of all deposits.
A reference number is generated once the form is finished, indicating which central bank should receive the old notes.
The National Council of State recommended last Friday that the central bank take decisive action to hasten the implementation of the new naira policy. The group recommended that the CBN release more fresh notes right away.
In recent weeks, huge lines at ATMs and conflicts breaking out inside commercial banks have marked several areas of southern Nigeria, which has since deteriorated into pandemonium.
In the country’s southern states of Ogun, Oyo, Edo, and Akwa Ibom, there have been violent protests recently, and social media is flooded with complaints from Nigerians who are suffering because they cannot access their money for transactions.
Mr. Buhari said on Thursday that he “sympathizes” with the public on the challenges posed by the policy’s implementation. He further attributed the “inefficiency” of the banking sector to “unscrupulous” officials.
“To stop this trend, I’ve ordered the CBN to use all available legal tools and resources to make sure that our residents are properly informed about the policy, have simple access to cash withdrawals thanks to the availability of sufficient amounts of currency, and have the capacity to make deposits.” Buhari stated.
