Home Business Banking & Finance How to deposit, redeem old Naira notes on CBN portal

How to deposit, redeem old Naira notes on CBN portal

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The Central Bank of Nigeria (CBN) has created a portal for the collection of the old Naira notes as the deadline to submit to banks directly elapsed last Friday.

The CBN published a notification titled ‘Redemption of Currency Notes’ on its website. The notification delivers a link to the portal to enable users redeem (deposit) their old N1,000, N500, and N200 notes by completing an online form.

The form reads: “Please click here to create your profile, generate reference, and print out a receipt for you to proceed to the nearest CBN branch to deposit your old N1,000, N500, and N200 notes into your bank account”.

To generate a reference number, according to CBN, customers are required to provide their bank verification number, email address, phone number, bank account details, depositor’s information (including house address), and the total amount of the denomination to be redeemed.

After supplying these details, the depositor will click on the “Generate Reference No” button, a notification will pop up listing “conditions for redemption of currency”.

Part of these conditions, which must be accepted, is that “depositors can only access this window once”.

The CBN also said that “beneficiary accounts would only receive value after successful processing of cash deposited and verification of documentations submitted.

“A depositor shall not be entitled to recover from the bank the value of any mutilated or imperfect notes. 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 transaction 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”.

Follow the below steps to deposit your old Naira notes at any CBN branch:

  • Visit the CBN website (https://www.cbn.gov.ng/) and fill out an online form to generate a code or go along with the money to the nearest CBN branch in your state to obtain the form and fill.
  • Go along with any means of Federal Government-recognised identification card such as National Identity Card, Voter Card, or Driving Licence.
  • A teller would be issued to you at the CBN branch and the old notes will be collected and deposited into your accounts.
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