How to Deposit Old Naira Notes in the Central Bank of Nigeria (CBN)

To deposit your old Naira notes in the CBN, there are two methods you can use. The first method is to generate a reference number by filling out a form online at the CBN portal. This method is particularly useful if you live far from a CBN branch or find it difficult to visit in person.

To use this method, you need to visit the CBN portal and fill out the online form to generate a reference number. The form will ask for your personal details, such as your name, address, phone number, and bank account information. You will also need to provide details of the old Naira notes you wish to deposit, such as their denominations and serial numbers.

Once you have filled out the form, you will receive a reference number, which you will need to take with you to the CBN branch where you will deposit your old Naira notes. When you get to the CBN, you will need to show your reference number, your identification, and any other requirements stipulated by the bank.

The second method you can use to deposit your old Naira notes in the CBN is to collect a form from any CBN branch. This method is useful if you prefer to deposit your old notes in person and don’t mind visiting a CBN branch.

To use this method, you need to visit the nearest CBN branch and ask any agent or security personnel for a form to fill out. You will need to provide your personal details, details of your bank account, and details of the old Naira notes you wish to deposit. Once you have filled out the form, you will be given a reference number that you will need to use when depositing your old Naira notes.

It’s important to note that when depositing your old Naira notes in the CBN, you need to follow certain guidelines to ensure a smooth and successful transaction.

Here are five simple steps to follow:

1. Note that the old notes will not be exchanged for new ones but will be deposited directly into your bank account. This means that you won’t receive new notes in return for your old ones.
2. Before depositing the money, the CBN will verify that your bank account is in good standing. This is to ensure that the money is deposited into the correct account and that there are no issues with the account that could lead to complications.
3. Each person should deposit their own money into their own bank account. This means that you can’t deposit someone else’s money into your account, and vice versa. This is to prevent fraud and ensure transparency.
4. Before visiting the CBN to deposit your old Naira notes, you need to fill out a deposit form on the bank’s website to generate a reference number. This is especially important if you plan to use the online method to deposit your notes. If you fail to do this, you will be given a form to fill out at the bank.
5. The deadline for depositing your old Naira notes in the CBN is February 17th, after which the scheme will be closed. This means that you need to act fast if you want to take advantage of this opportunity to deposit your old Naira notes.

To depositing your old Naira notes in the CBN is a simple and straightforward process. Whether you choose to use the online method or the in-person method, it’s important to act fast