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

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).

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:

Step 1: Visit the CBN website

The first step is to visit the CBN website at https://www.cbn.gov.ng/. 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!