The Central Bank of Nigeria (CBN) has released guidelines to deposit old versions of the redesigned naira notes at its branches nationwide.
The CBN announced recently that the exercise would be open between February 15 and 17.
The apex bank stated that the deposit is not a cash swap program and that new notes will not be given in exchange for old notes. Instead, the old notes will be accepted by the bank and an account that the depositor provides would be credited.
The guideline read: “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.”
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