Following the deadline of January 31st 2023 and subsequently that of February 10 2023, the old N500 and N1000 banknotes are no longer legal tenders in Nigeria. This is because of the new redesigned notes are in circulation.
However, to cater for the few old notes still in circulation, the CBN has created a methodology to make these notes still acceptable in banks and CBN. To do this, the CBN reference code must be generated with the depositors BVN.
PROVISIONS
1. For one-off deposits of N500,000 or below, Nigerians can take the cash their referred commercial banks.
2. For funds higher than N500,000, the funds are to be taken to the CBN for deposit.
STEPS TO GENERATE THE CBN REFERENCE CODE NEEDED:
1. Go to CBN portal at https://crs.cbn.gov.ng/
2. Select either individual or company deposit, depending on the type o account to receive fund.
3.. Supply your BVN and validate it.
4. Supply your bank name and account number, and then validate the account number
5. Provide Depositor Phone Number, Depositor Email Address, and Depositor Address
6. In the form provided, provide a breakdown of the cash to be deposited into N200, N500 and N1000 notes total amounts
7. Then Generate Reference Number
8. Agree to the terms and submit.
The code generated can be printed and must be taken to the bank where cash deposit shall be made.
That is how to generate the CBN reference codes needed for old cash deposit.
Thank you.
