How to deposit old naira notes online has taken another twist since it ceased to become legal tender in Nigeria. It has been over three months since the governor of the central bank of Nigeria (CBN), Godwin Emefiele made a public announcement that the old naira notes, 200, 500, and 1000 will cease to be a legal tender in the country.
However, due to the supreme court ruling, the time frame was extended further to February 10 by the CBN governor, but there has been a shortage of the new naira note which sabotage the goal behind the introduction of the new note and rendered the old naira old useless.
And due to the inability of some Nigerians to deposit their old naira note, the CBN has created an avenue to deposit the old naira note online by generating the old naira notes reference number online before taking it to your nearest bank for depositing.
So, in this article, we will take a look at how to deposit old naira notes to CBN online. The article will cover how to deposit old 200 naira notes, how to deposit old 500 naira notes, and how to deposit old 1000 naira notes.
How to Deposit Old Naira Notes to CBN Online
To make it easy for all Nigerians with the old naira notes who are yet to deposit it or change it to the new note due to scarcity or because the new notes are yet to circulate and flood the Nigerian communities, all depositors must possess the following.
- Old naira notes; either 200 or 500 or 1000.
- Home address
- Old naira notes CBN reference number.
- Portal to deposit the old naira notes online [https://crs.cbn.gov.ng/].
Now, follow the steps below to learn how to deposit your old naira notes.
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How to Deposit Old Naira Notes Online
You first need to tell CBN the total old naira notes of 200, 500, and 1000 you have and want to deposit into your bank account so that they will not be useless and cease to become legal tender in the country before and after the court ruling.
Therefore, we will take you through the steps to deposit all your old naira notes online on the CBN portal.
- Go to the CBN old currency redemption https://crs.cbn.gov.ng/.
- You will be taken to the CBN cash collection portal where you have to register to submit your old cash to the CBN.
- Click on the “Get Started” button as shown in the image below.
- You will be presented with two options;
- New Depositor
- Deposit Tracking.
- Choose “New Depositor.”
- You will be taken to where to generate your old naira notes deposits reference number.
- Fill in the following information on the page.
- Customer BVN
- BVN Name
- BVN phone number
- BVN email address
- Select bank name [The name of your bank]
- Account Number [The account you intend to deposit the old naira note to].
- Account Name [e.g; Adesanmi Adedotun].
- Depositor phone number [if you are depositing the old note yourself just enter your phone number]
- Depositor’s email address [type your email address; this can be different from the BNV email address].
- Depositor’s Address. [This is your home address. It’s advisable to use the same address as it’s on your account].
- Type the sum of the old cash you want to deposit:
- Click on “Generate Reference No.”
Once you have generated your old naira note reference number then you are a step away from depositing your old naira note.
Note: It’s the reference number that you generated that will be used to deposit your old naira note into your account in any of your bank branches across the country.
How to Deposit Old Note After Generating your Reference Number
The first step to depositing your old naira note is to generate your reference number after which you then need to walk into your bank and make the deposit.
Note: Generating your reference number to deposit your old naira note will not automate the bank staff to give you new naira notes. Rather, it will aid your bank representatives to collect the old naira note and deposit it into the same account number you submitted on the CBN portal.
Now, to complete the process of depositing your old naira money follow the steps below.
- Generate your old naira note reference number [see steps above].
- Go to your bank and request the slip to deposit the old naira note as directed by the CBN.
- Present your reference number if the agent attending to you requested it.
- Deposit the exact amount of the old naira note you filled out on the CBN online portal.
The old money will be collected from your hand and will be deposited within four weeks.
How to Change Old Naira Notes to New Naira Notes on CBN Portal
Neither the CBN portal nor your bank will give you new naira notes in place of your old naira notes. What the CBN does is collect the money from you and deposit it into your account so that it will not be useless after it has been announced that the money ceased to be legal tender in the country.
However, if the money isn’t deposited at the bank it will be useless even after you have generated the reference number as shared above. But, if the money is deposited into your account the total amount of old naira money will reflect in your account.
How to Get New Naira Notes After Depositing Old Notes in the Bank
You need to get new naira notes after you have deposited your old naira notes since it has ceased to become legal tender. Therefore, taking the following steps will lead you to withdraw new notes from your bank account.
- Deposit your old naira notes following the CDN directive.
- Wait for about 4 weeks after which you will be notified whether your old naira note has been deposited or not.
- If it has been deposited then go to your bank to fill out the withdraw slip or use an ATM to withdraw new naira notes with your ATM card.
How to Track your Old Naira Notes Deposit on CBN Portal
You can do a follow-up to check whether your old naira notes have been deposited or not. Meanwhile, the CBN governor gave 4 weeks deadline to get notified whether the old notes have been deposited or not. However, if you have waited long enough without feedback to know whether the old money has been deposited or not, you can follow the steps below to track your note.
Note: To track your note you must have generated your reference number and confirm that you have deposited the money into your bank.
- Go to the CBN old cash redemption portal [https://crs.cbn.gov.ng/]
- Click on the “Get Started” button.
- Click on “Deposit Tracking”.
- Type your “BVN” and the “Reference Number” used to deposit your old naira note into your bank account and click on the “Search” box.
- The CBN portal will display any response that matches your query.
That is all you need to know about how to deposit old naira notes online to CBN.