- The CBN is still waiting for Nigerians to return old naira notes and has kept its portal open for this purpose
- Despite collecting N1.9 trillion since the start of the program, CBN said there are still billions of old naira notes in circulation
- However, the situation may change if Bola Ahmed Tinubu wins the election, as his campaign team has promised to reverse the naira redesign policy
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The Central Bank of Nigeria (CBN) is still waiting for Nigerians to return old naira notes and has again reminded Nigerians that its portal for the purpose is still open.
The old N500 and N1,000 notes ceased to be legal tender since February 10, and has been rejected by traders after President Muhamadu Buhari’s address on February 15, 2023.
After much outcry, Buhari extended the deadline for old N200 notes until April 10, 2023, to ease the cash crunch in the economy.
CBN portal to return old naira notes
The portal for the depositing of old notes which opened on February 15, 2023 now stipulates that deposits with a Bank Verification Number can only be done once.
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On the portal which is open on https://crs.cbn.gov.ng/ Nigerians are required to fill in their Bank Verification Number (BVN), phone number, email address, bank details, address, the amount to be deposited as well as the denominations to be deposited, after which a reference number is generated.
At CBN branches, customers would be required to have a completed online application form, copy of valid means of identification and a completed teller.
Once the account is verified, the equivalent of the cash would then be deposited in the customers account.
CBN guideline on the return of old notes reads:
“The CBN Branches do not open accounts for individuals. As such, Individuals who wish to deposit their old, redesigned notes must have an active account with a Deposit Money Bank (Commercial Bank).
“Individuals who wish to deposit their old, redesigned notes are required to be orderly and comply with the instructions of the security personnel and other staff when in the Bank’s premises. if validation turns out negative, the Bank will return the unvalidated old, redesigned notes in the form deposited."
Billions of old naira notes still in circulation
Meanwhile, the CBN has revealed that there are still billions of old naira notes in the hands of Nigerians.
In a recent chat with journalists, Godwin Emeifele, CBN Governor said:
"So far and since the commencement of this program, we have collected about N1.9 trillion; leaving us with about N900 billion.”
Tinubu victory, old naira notes
One of the people who have opposed the use of old naira notes is the recently declared President-elect, Bola Ahmed Tinubu.
Tinubu and members of his campaign team, spearheaded by Kaduna state governor Nasir Ahmad el-Rufai, consistently promised that the naira redesign policy would be reversed by the incoming president.
CBN plans to pump new naira notes into circulation
Meanwhile, the Central Bank of Nigeria is preparing to make another N500bn new naira notes available to banks and, more crucially, Nigerians.
It is expected that the apex plan to pump more cash, pushing the value of new naira notes in circulation closer to N1 trillion.