Nigerian Currency Crisis: CBN Old Naira Notes Guidelines, President Buhari's Deadline Extension and All You Need to know

Nigerian Currency Crisis: CBN Old Naira Notes Guidelines, President Buhari's Deadline Extension and All You Need to know

Buhari Reaffirms CBN Guidelines and Extend Deadline for N200 Note

President Muhammadu Buhari has reviewed the deadline for the exchange of old Naira notes and has reaffirmed the existing Central Bank of Nigeria (CBN) guidelines for the exchange of the old notes.

In the statement made available on Thursday morning through a national broadcast, the president said that the CBN will allow the N200 notes to continue in circulation to ease the pains Nigerians are going through as a result of the scarcity of the new notes.

The President added that the old N200 will remain a legal tender alongside the new notes for the next 60 days, until April, 10. He, however, insisted that he stands by the CBN guidelines and February 10th deadline for the N500 and N1000 notes.

"I have given approval to the Central Bank that the old N200 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 January 10 to April 10, 2023, when it will cease to be a legal tender," president Buhari stated.

CBN Guidelines and Portal for the Deposit of the Old Naira Notes

The Central Bank of Nigeria (CBN) has published new guidelines and opened an online portal for the Deposit of the old Naira notes as the commercial banks are no more allowed to accept the old currency.

The apex bank reported that those who are still in possession of the N200, N500, and N1000 notes are to only return them to the CBN branches near them in accordance with the new CBN guidelines. The dates for the return of the old notes according to CBN is between 15-17th February between 9 am to 2pm daily.

In the guidelines, the CBN emphasized that the program is for cash deposit, not for cash swap. This implies that depositors would not be given new notes as a replacements for the old ones. Instead, their deposits would only be credited to their respective Deposit Money Bank (DMB) accounts.

Depositors are only eligible to make the deposit to the CBN after completing online application forms to generate a unique reference number for the deposition.

The CBN portal for deposit of the old naira notes can be accessed through the banks official website,, or by directly accessing the temporary cash collection page.

Requirements for the Deposit of the Old Naira Notes into the CBN Account

The following are the CBN guidelines and requirements for the deposit of the old N200, N500 and N1000 into the apex bank.
  • Reference code generated from completed online application form filled on CBN portal.
  • An active Deposit Money Bank (DMB) account (e.g. UBA, Access, Zenith, etc.)
  • Bank Verification number (BVN)
  • Third party deposit not allowed.
  • A valid federal Government issued identity card (NIN, Driver's License, International Passport, Voter's card).
The paper reiterated that the CBN will not accept deposit from those who do not meet stated requirements and the guidelines for the return of the old notes.

CBN Guidelines and Portal for the Deposit of the Old Naira Notes

Note: The above guideline only remains valid until February 17 for N500 and N1000 notes, while it might still be effective for N200 until the extended deadline of April, 10. However, with all indications, it is clear that the commercial banks may continue to accept the old N200 notes while the other notes can only be deposited through the central bank.

The Controversy of Naira Scarcity and the CBN Currency Redesign Crisis

The Central Bank of Nigeria (CBN) announced plans to redesign the Nigerian currency, the Naira, in October 2022. This was followed by the unveiling and commissioning of the new Naira notes by Nigeria's President Muhammadu Buhari in November, 2022.

The CBN then set January 10, 2023, as the deadline for the old notes. However, when this expired, the new currency had still not been circulated, the bank was forced to extend the deadline to February 10, 2023.

The new currency were still scarce at the expiration of the deadline. The CBN and the Economic and Financial Crimes Commission (EFCC) then conducted a bank tour to investigate why there were not enough Naira banknotes in circulation. It transpired that many commercial bank managers had deliberately failed to release the new notes into circulation, while others had been selling the currency for personal gain. This led to the closure of some commercial bank branches and public outrage.

Concurrently, several state governments and individuals have sued the CBN and the Federal Government for their handling of the new Naira policies and have asked for an extension of the deadline. Despite this, the Federal government has refused to alter its stance, leaving citizens with no option but to use the old notes alongside the new ones, which are rarely available.

President Buhari's extension of the deadline for the old N200 notes is a positive development for the average Nigerian who had been left in the dark about the Federal government's final decision.

The Supreme Court hearing continues, with citizens looking to new developments. However, as is often the case in Nigeria, the Federal government's stance usually takes precedence over the rules of law and court orders. Therefore Nigerian would either have to accept their fate  or find their way around in order to survive the current financial crisis in the country.

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  1. Unless the people of Nigeria start doing what needs to be done, and politicians on WEF payroll, police who defends the politicians, and all the shills who support the politicians are hunted down like traitors that they are, and slaughtered, Nigeria is done for, and the rest of the world will soon follow. Buhari must be made an example of and gutted like a fish in a public execution.

    1. But Nigerians cannot act against the rules of law and the existing constitutional boundaries.

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