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  • News - North Central - FCT
  • Updated: February 15, 2023

Cash Deposit: What To Know About CBN's New Guidelines

Cash Deposit: What To Know About CBN's New Guidelines

As citizens await a major decision on the validity of the old currency, the Central Bank of Nigeria (CBN) has released guidelines for the deposit of the old N200, N500, and N1,000 notes.

Per the information released on Tuesday, the exercise is not a cash swap programme and will only be conducted between February 15 and 17.

CBN disclosed that new notes will not be issued in exchange for old ones; instead, the old notes will be accepted by the bank and an account provided by the depositor will be credited. 

“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 the account turns out negative, the Bank will return the deposited notes”, the information reads.

Speaking further, it added that third-party deposits will not be allowed during the exercise as account information must be provided by their real owners. 

“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 9 am to 2 pm daily.” 

Requirements to participate in the process include a reference code generated from a form on the CBN portal, an active bank account, Bank Verification Number (BVN) and a valid government identity card.

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