The Central Bank of Nigeria has declared that the old 500 and 1000 naira notes are no longer legal tender in Nigeria and has directed all commercial banks to stop collecting them from customers. Though the CBN has instructed Nigerians who still have the old naira notes in their possession to deposit them at any CBN branch close to them but the question is, how do you go about depositing your old notes in CBN where you do not have an account there?
In this post, I will be discussing in detail the process devised by the Central Bank of Nigeria for you to follow if you still have the old naira notes in your possession that need to be deposited into your bank account.
RULES TO FOLLOW WHEN DEPOSITING YOUR OLD NAIRA NOTES AT CBN
- You are only allowed to come to the CBN by yourself to make the deposit. This means that another person can not make the deposit on your behalf.
- You can only make the deposit of your old naira notes once. This means that after you have deposited your old naira notes at CBN once, you will not be allowed to deposit any further old note you collect again.
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.