The time for submitting old notes to banks directly expired on February 10, 2022, thus the Central Bank of Nigeria (CBN) has established a webpage for the collecting of old naira notes.
Reports state that the CBN yesterday posted a notice headed “redemption of cash” on its website. The message included a link to a portal where Nigerians can deposit their old N1,000, N500, and N200 notes in exchange for new ones by filling out an online form.
The form states “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 N1000, N500 and N200 notes into your bank account,”.
Customers are required to enter their bank verification number, email address, phone number, bank account information, depositor information (including house address), and the total amount of the denomination to be redeemed in order to obtain a reference number, according to CBN.
The set of requirements for currency redemption states: “Depositors can only access this window once.” This is one of the requirements that Nigerians must accept. The beneficiary accounts “would only receive value following successful processing of funds deposited and verification of documentations supplied,” the apex bank added.
“A depositor shall not be entitled to recover from the bank the value of any mutilated or imperfect notes. The circumstances under which such notes may be refunded ex-gratia shall be within the absolute discretion of the bank,” it added.
“Depositors can check the status of transaction on the portal here. Transactions would be concluded within a minimum of three working days. All deposits will be treated in accordance with the relevant laws.”
In the meantime, there were differing reactions from traders, business enterprises, and Point of Sale, POS operators as some refused to take while others accepted the old notes following the Supreme Court’s order to suspend the deadline for the submission of old Naira notes.
According to reports, banks won’t comply with the extension until the Central Bank of Nigeria, or CBN, issues a directive to that effect.
Commercial bus drivers could be spotted using fresh notes to invite customers to board their vehicles in several parts of Lagos. The only alternative left for a large number of passengers and buyers was to make transfers, while those without phones or bank accounts had to travel back home.
Another development was market women receiving payment for products sold using the account numbers of relatives while making calls to make sure the relative had received a credit alert before to releasing the goods. Street vendors were not excluded because they now accept transfers for goods sold but reject old notes. Moreover, PoS agents were involved in stopping enterprises.