Step-by-Step Instructions for Depositing Your Old Naira Notes at CBN

Step-by-Step Instructions for Depositing Your Old Naira Notes at CBN

The old N500 and N1000 notes are no longer recognized as legal cash in Nigeria, according to the Central Bank of Nigeria, which has ordered all commercial banks to stop accepting them from clients.

Although the CBN has advised Nigerians who still own old naira notes to deposit them at any CBN branch nearby, the question is: how can you deposit your old notes in the CBN if you don’t have an account there?

If you still have old naira notes that need to be deposited into your bank account, I will go into depth in this post on the procedure that the Central Bank of Nigeria has set forth for you to follow.

REQUIREMENTS TO COMPLY WITH WHEN DELIVERING OLD NAIRA NOTES TO CBN

Only by yourself are you permitted to make the deposit at the CBN.
This implies that no one else may deposit money on your behalf.

Your old naira notes can only be deposited once.
As a result, once you have deposited your old naira notes at CBN, you are not permitted to deposit any additional old notes that you acquire.

HOW TO DEPOSIT YOUR OLD NAIRA NOTES AT CBN:

To deposit your old 1000, 500 and 200 naira notes at CBN, you need to first of all go to a portal created by the CBN, register, generate reference and print out the receipt before proceeding to the CBN Branch close to you.

CLICK HERE >> https://crs.cbn.gov.ng/ to register and generate your reference number.

After making the deposit at CBN, the exact amount you returned would be credited into the bank account you provided at CBN.

IMPORTANT THINGS TO NOTE:

You are to fill a form first at the CBN website which the link is provided above to generate reference number before going to deposit your old naira notes.

You are required to provide your 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.

Depositors can only access the window once and beneficiary accounts would only receive value after the successful processing of cash deposited and verification of documents submitted.

You shall not be entitled to recover from the bank the value of any mutilated or imperfect notes,” the notice added

The circumstances under which such notes may be refunded ex-gratia shall be within the absolute discretion of the bank; Depositors can check the status of transactions 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.