The Central Bank of Nigeria has launched a portal for collecting old naira notes.

To alleviate Nigerians’ suffering, the Central Bank of Nigeria (CBN) has launched a portal for the collection of old naira notes.
According to Naija News, the apex bank’s website displayed a notification titled ‘Redemption of Currency’ on Wednesday, indicating the start of the collection of old naira notes.

The notice includes a link to a portal where Nigerians can deposit their old N1,000, N500, and N200 notes by filling out an online form.

It reads: “Please click here to create your profile, generate reference, and print out a receipt for you to proceed to the nearest CBN branch to deposit your old N1000, N500, and N200 notes into your bank account.”

Customers must provide their bank verification number, email address, phone number, bank account details, depositor information (including house address), and the total amount of the denomination to be deposited to generate a reference number, according to the CBN.

However, some conditions for currency redemption must be met before a customer can create a profile and generate a reference number.

Below are the conditions.

1. Depositors can only access this window once.

2. The apex bank also stated that “beneficiary accounts would only receive value after successful processing of cash deposited and verification of documentation submitted.

3. It said 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,

4. The CBN said depositors can check the status of transactions on the portal.

5. The apex bank said transactions would be concluded within a minimum of three working days.