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The Central Bank of Nigeria, CBN, has announced that there will be no cash swap for old notes in any financial institution.
According to guidelines released by the apex bank, the exchange for the old notes provided by the depositor will be credited after scrutiny.
The guidelines revealed that the process may take up to four weeks, adding that the deposited notes will be withheld if validation of the owner’s account turns out negative.
It stated that deposits by a third party are not allowed, and account owners are required to complete an online application form and generate a reference number before heading to the CBN.
However, deposit of old notes at any of its branches across the country begins from February 15 to 17.
