Steps on How To Deposit Old N500 & N1000 Naira Notes in Your Bank; Other Guidelines
Following the past few weeks of confusion surrounding the deposit of old Naira notes, the Central Bank of Nigeria (CBN) has now rolled out the “Redemption of Currency” portal to mop up the leftover old N500 and N1000 in the financial system.
The deadline of the old Naira notes deposit was first pegged at 31st January, then later moved to February 10th after much pressure from stakeholders. In a broadcast by the Nigerian president, Muhammadu Buhari, the N200 note will be allowed to be a legal tender until April 10 this year.
The apex bank, after registering that too many old Naira notes are still in circulation, have resorted to this launch to assist citizens to deposit their old N500 and N1000 in their banks or at the CBN itself.
In this article, we will highlight a step-by-step guideline on how to simply deposit your old Naira notes in your bank without hassle.
Rules of old Naira notes deposit via CRS portal
- Enter correct and accurate information
- Highest one-off deposit is N500,000
- You must be 18+
- You must provide your BVN
How to deposit old Naira notes in your bank
Here are the steps to deposit your old Naira notes as directed by the Nigerian Government. After registering your deposit on the newly-launched portal, you are expected to wait for a confirmation/approval of the deposit.
- Visit crs.cbn.gov.ng
- Tap Get Started
- Choose New Depositor
- Enter the Depositor Type (Individual or Corporate)
- Enter other required details:
- account name
- account number
- email address
- physical address
- amount of deposit (specify the exact number of notes)
- Generate your reference number
- Visit any branch of your bank with the following:
- The cash
- Your BVN
- The reference number generated from the portal
With the reference number, your bank is OBLIGED to receive the cash and confirm if you have followed all the set guidelines.
While the country is trying to resolve its cash problems, it is important to look at alternative e-channels platforms your bank has to make payments without cash or ATM card.