With the deadline for the depositing of the old 500-naira and 1000-naira notes given by the Central Bank of Nigeria (CBN) already elapse, a lot of Nigerians are still left with thousands of the old notes at home while some even have millions of them.
The recent policy has left a lot of Nigerians cash-strapped, with millions of people scrambling to get hold of the new notes in other to be able to purchase goods and commodities. CBN and the federal government do not seem to be going back on their deadline.
Below is the step-by-step process to deposit your old 500 and 1000 naira notes in some commercial banks or the CBN depending on the amount you’re depositing.
- Visit the CBN portal for depositing the old note using this link https://crs.cbn.gov.ng
2. Click on get started as seen in the image below.
3. Click on new depositing for the first time to generate the deposit reference code, if you want to track your deposit click on track deposit.
4. Fill in the form with your correct details which include the following: depositors’ type which is either individual or corporate, your bank name, your phone number, your email address, your house address, the amount of the various old notes you are depositing, and the total amount.
After filling out the form, click on generate reference number to get your deposit reference number
5. Take the reference number you generated and your old notes to the nearest branch of your bank for deposit if you are depositing below 500,000 naira, or you take it to the nearest central bank branch or designated centers if you are depositing more than 500,000 naira.
According to the Central Bank of Nigeria(CBN), it may take up to four weeks for the money you deposited to reflect in your bank account.