The Central Bank of Nigeria (CBN) has created a portal for the collection of old naira notes as the deadline to submit to banks directly elapsed. In this article, you will learn how to deposit old Naira notes to CBN and how to generate CBN reference or deposit codes all from the CBN portal.
A CBN Reference Code is an identification number given to individuals who have registered to conduct business in Nigeria by the Central Bank of Nigeria (CBN). It is necessary for any business to be legally recognized in the nation and is used to facilitate financial transactions and activities like payments and transfers. It is easy to generate a CBN Reference Code, but it is crucial to comprehend the code and the procedures involved.
The Central Bank of Nigeria (CBN) has launched a portal for bank customers to deposit their old naira notes amid a scarcity of new notes. The CBN in a notice posted on its website titled ‘Redemption of Currency’ provided a link to the portal to enable Nigerians to redeem (deposit) their old notes.
How to deposit old Naira notes to CBN:
- Visit the CBN website 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 a federal government-recognized identification card such as a national identity card, voter card, or driving license.
- A teller would be issued to you at the CBN branch and the old notes will be collected and deposited into your accounts. The operation starts from 9 am to 2 pm, from February 15 to 17.
Redemption of currency: Deposit your old Naira noted to CBN
“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 N1000, N500, and N200 notes into your bank account,” a notice on the portal reads.
“Please visit this link, https://crs.cbn.gov.ng, ONLY through the CBN website. Go to the CBN branch with the printout.”
To create a profile, a frame is filled where a reference number is generated. Here, customers are required to provide their bank verification number, email address, phone number, bank account details, depositor information (including house address), and the total amount of the denomination to be redeemed.
To complete this process, the CBN said that the ‘condition for redemption of currency’ must be met.
According to the central bank, part of the conditions is that depositors can only access the window once and beneficiary accounts would only receive value after the successful processing of cash deposited and verification of documents submitted.
“A depositor shall not be entitled to recover from the bank the value of any mutilated or imperfect notes,” the notice added.
“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 transactions 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.”
Upon completion of the form, a reference number is generated to indicate which of the central banks to go deposit the old notes.
How to Generate the CBN Reference Code
Once you have provided all the required information, you can then generate your CBN Reference Code. The code will be a 10-digit number and will be unique to you. Once you have generated the code, you can then use it to make payments and transfers in Nigeria.
Generating a CBN Reference Code is a simple process, but it is important to understand the code and the steps required to do so. With a CBN Reference Code, you can make payments and transfers in Nigeria, making it an essential part of doing business in the country.