Central Bank of Nigeria (CBN) has created a portal for the
collection of the old naira notes as it looks to begin its currency redemption
exercise.
It was observed that the CBN published a notification
titled ‘redemption of currency’ on its website on Wednesday.
The notification provides a link to the portal to enable
Nigerians redeem (deposit) their old N1,000, N500, and N200 notes by completing
an online form.
“Please click here to create your profile, generate
reference and print out receipt for you to proceed to nearest CBN branch to
deposit your old N1000, N500 and N200 notes into your bank account,” it reads.
To generate a reference number, according to CBN, customers
are required to 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 redeemed.
After following the process in
attempts to create a profile and generate a reference number, a notification
popped up listing ‘conditions for redemption of currency’.
Part of these conditions (which Nigerians must accept) is
that “depositors can only access this window once”.
The apex bank also said “beneficiary accounts would only receive
value after successful processing of cash deposited and verification of
documentations submitted”.
“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.”
Last week, the supreme court restrained the federal
government and, by extension, the CBN from enforcing the February 10 deadline
when the old naira notes were expected to cease to be legal tender, pending
hearing on the matter slated for Wednesday (today).
Responding to the ruling, Abubakar Malami, attorney-general
of the federation (AGF), said the federal government would obey the order in
line with the rule of law — a decision that meant that Nigerians would still be
able to transact with the old notes.
Earlier today, the supreme court restated its stance on the
matter, saying the notes remain legal tender after it adjourned proceedings on
case.
However, the commencement of the currency redemption
exercise by the CBN suggests that the old naira notes have lost their legal
tender status after the deadline elapsed.
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