Press Releases

How To Deposit Old 500 and 1,000 Naira Notes Into Your Bank.

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.

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President Muhammadu Buhari in a broadcast Thursday approved the continued use of N200 notes as legal tender across Nigeria. But the president added that the CBN’s directive on the phasing out of the old N500 and N1000 notes remains.

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“Please click here to create your profile, generate reference and print out 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.

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Follow these steps to to deposit your old notes:

1. Visit CBN website

2. Click on link to to generate receipt

3. Get started

Select new depositor , or if you have been
through the process before, track the
movement of your deposited funds

4. Fill out the relevant information and click on
generate reference number.

5. Print out the generated Reference to and take
to selected banks that accepts deposits not
exceeding ₦500,000

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