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CBN launches website to mop up old Naira notes

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Notwithstanding the Supreme Court order which barred it from proceeding with outlawing the use of old Naira notes, the Central Bank of Nigeria (CBN) has launched a website for bank customers to register to deposit their old notes.

This is coming amid confusion over the deadline of February 10 earlier announced by the apex bank and the Supreme court’s recent ruling on the matter. 

Checks by Fedredsnews revealed that the CBN has published a new update titled: ‘redemption of currency’. By clicking on the title, another interface would pop up asking bank customers to click a link “to create your profile, generate reference and print out a receipt for you to proceed to nearest CBN Branch to deposit your old N1000, N500, and N200 notes into your bank account.” 

The link leads to a different website with the address: https://crs.cbn.gov.ng/, where a bank customer can create a profile to start the process.  

In order to generate a reference number on the website, the user is expected to provide his or her Bank Verification Number (BVN), email address, phone number, bank account details, depositor information (including house address), and the total amount of the denomination to be redeemed.

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