The Central Bank of Nigeria (CBN) has launched a new online portal for cash collection of old N200, N500, and N1,000 banknotes.
The portal (crs.cbn.gov.ng) was opened on Wednesday and will run until Friday, February 17, allowing customers to deposit old and mutilated notes.
This comes despite the adjournment of the case on the legality of the February 10, 2023 deadline for the Naira Swap to February 22 by the Supreme Court.
To utilize the portal, customers are required to provide their Bank Verification Number (BVN), phone number, email address, bank details, address, amount to be deposited, and the denominations to be deposited.
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Once completed, a reference number is generated. Depositors can check the status of their transactions on the portal.
To deposit old notes at the CBN branches, customers must have a completed online application form, a copy of a valid means of identification, and a completed teller.
Once the account is verified, the equivalent of the cash will be deposited in the customer’s bank account.
According to the apex bank, “beneficiary accounts would only receive value after successful processing of cash deposited and verification of documentations submitted.”
Furthermore, “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.”