President Buhari Orders the Use of Old N200 Till April 10
President Buhari Orders the Use of Old N200 Till April 10: In his national broadcast held at 7am, Thursday, the 16th of February 2023. He said only N200 old note to be in circulation till April 10, the rest remained banned.
The old notes has been extended for 60 days till 10 April 2023. The president has ordered the CBN to release the old 200 naira notes back into circulation for the next 60 days till April 10.
See <strong>Link to Deposit Old ₦1000, ₦500 & ₦200 Notes at the CBN</strong>
This means that, the old 1000 naira and 500 naira ceases to be legal
“To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.
In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.” President Buhari Speech on Feb 16th, 2023
Meanwhile, CBN has given guidelines to deposit old N1000, and N500 notes, and this grace period will last for only 7 days, thereafter, the old notes ceases to become a legal tender
This program is not a cash swap program but a Cash Deposit Program. Meaning the money will be credited into your account directly by CBN
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.
Guidelines To Deposit Old Ngn1000, Ngn500 Notes
This process may take up to 4 weeks.
• If the validation of account turns out negative, the Bank will return the deposited notes
• 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 CON.
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 9am to 2pm daily.
Requirements
1. Reference cede generated from completed online application form fill on CBN Portal.
2 An active Deposit money Bank account e.g. Access, Zenith, GT, Keystone Banks.
3. A bank Verification Number (BVN)
4. A valid Federal Government issued identity card (NIN, Driver’s License, Voters\ Card, International Passport).