Here’s How to Deposit Old 500 and 1,000 Naira Notes into Your Bank Account

CBN clarifies only old N200 banknotes are legal tender, warns against fake news and misinformation.

Learn how to deposit old 500 and 1,000 Naira notes before the deadline using this step-by-step guide.

If you have old 500 and 1,000 Naira notes, it’s important to deposit them into your bank account before the deadline set by the Central Bank of Nigeria (CBN).

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The CBN has introduced a new policy that prohibits banks from accepting these old notes, and the deadline to deposit them is fast approaching.

To make the deposit process easier, the CBN has set up an online portal that allows you to generate a reference number that you can take to any selected bank that accepts deposits not exceeding ₦500,000. Here’s a step-by-step guide on how to use the portal:

currency in nigeria
Photo by ismail seghosime on

Step 1: Visit the CBN website

The first step is to visit the CBN website at This is the official website of the CBN, and it contains all the information you need about financial transactions in Nigeria.

Step 2: Click on the link to generate a receipt

On the CBN website, look for the link to generate a receipt. This link will take you to the next step of the process.

Step 3: Get started

On the next page, select whether you are a new depositor or if you have been through the process before. If you are a new depositor, you can get started by filling out the relevant information and clicking on “generate reference number.”

Step 4: Fill out the relevant information

To generate your reference number, you will need to fill out the relevant information, including your name, address, and the amount of money you want to deposit. Once you have filled out all the information, click on “generate reference number” and your reference number will be generated.

Step 5: Print out the generated reference and take it to a selected bank

Once you have your reference number, you can print it out and take it to any selected bank that accepts deposits not exceeding ₦500,000. The bank will use your reference number to track your deposit and credit your account with the deposited amount.

It’s important to note that the deadline for depositing old 500 and 1,000 Naira notes is fast approaching, and after the deadline, banks will no longer accept these old notes. Therefore, it’s crucial that you deposit your old notes as soon as possible to avoid losing the value of your money.

The conclusion

The CBN has made it easy to deposit old 500 and 1,000 Naira notes by setting up an online portal. By following the steps outlined in this article, you can easily generate a reference number that you can take to a selected bank to deposit your old notes. Don’t wait until it’s too late; deposit your old notes today and get your money back!

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𝙈𝙖𝙣𝙙𝙮 𝙉𝙚𝙬𝙨 𝙞𝙨 𝙮𝙤𝙪𝙧 𝙧𝙚𝙡𝙞𝙖𝙗𝙡𝙚 𝙨𝙤𝙪𝙧𝙘𝙚 𝙛𝙤𝙧 𝙩𝙝𝙚 𝙡𝙖𝙩𝙚𝙨𝙩 𝙣𝙚𝙬𝙨, 𝙚𝙣𝙩𝙚𝙧𝙩𝙖𝙞𝙣𝙢𝙚𝙣𝙩, 𝙨𝙥𝙤𝙧𝙩𝙨, 𝙖𝙣𝙙 𝙡𝙞𝙛𝙚𝙨𝙩𝙮𝙡𝙚 𝙪𝙥𝙙𝙖𝙩𝙚𝙨 𝙛𝙧𝙤𝙢 𝙖𝙧𝙤𝙪𝙣𝙙 𝙩𝙝𝙚 𝙬𝙤𝙧𝙡𝙙. 𝙒𝙚 𝙖𝙧𝙚 𝙙𝙚𝙙𝙞𝙘𝙖𝙩𝙚𝙙 𝙩𝙤 𝙙𝙚𝙡𝙞𝙫𝙚𝙧𝙞𝙣𝙜 𝙖𝙘𝙘𝙪𝙧𝙖𝙩𝙚, 𝙪𝙥-𝙩𝙤-𝙙𝙖𝙩𝙚, 𝙖𝙣𝙙 𝙚𝙣𝙜𝙖𝙜𝙞𝙣𝙜 𝙘𝙤𝙣𝙩𝙚𝙣𝙩 𝙩𝙤 𝙠𝙚𝙚𝙥 𝙮𝙤𝙪 𝙞𝙣𝙛𝙤𝙧𝙢𝙚𝙙 𝙖𝙣𝙙 𝙞𝙣𝙨𝙥𝙞𝙧𝙚𝙙. 𝙁𝙤𝙡𝙡𝙤𝙬 𝙪𝙨 𝙤𝙣 𝙨𝙤𝙘𝙞𝙖𝙡 𝙢𝙚𝙙𝙞𝙖 𝙛𝙤𝙧 𝙩𝙝𝙚 𝙡𝙖𝙩𝙚𝙨𝙩 𝙪𝙥𝙙𝙖𝙩𝙚𝙨.

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