Naira redesign: CBN portal for collection of old notes out of service


The Central Bank of Nigeria’s (CBN) portal designed for the collection of the old naira notes is out of service.

The CBN had launched the portal on Wednesday as it sought to begin its currency redemption exercise as part of efforts to ensure a smooth implementation of the currency redesign policy.

According to the CBN, the portal enables Nigerians who could not to take their old N1,000, N500 notes to commercial banks within the stipulated deadline to redeem (or deposit) them by completing an online form on the platform.

“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,” a notification on CBN’s website it reads.

But visiting the site on Friday, it was observed that the platform was out of service.

In a notice to customers, CBN said service on the portal was temporarily interrupted for maintenance.

“Service interruption for maintenance. We will be back shortly. We regret any inconvenience caused by this,” the notice reads.

President Muhammadu Buhari announced the extension of the validity of old N200 notes till April 10.

Speaking on the development in a televised nationwide address on Thursday, the president said all existing old N1000 and N500 have ceased to be legal tender.

Buhari, however, said the old N1,000 and N500 notes remain redeemable at the Central Bank of Nigeria (CBN) and designated points.


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