Old naira: What to know about CBN’s deposit portal

Oluwanifemi Ojo
Oluwanifemi Ojo
Central Bank of Nigeria

The Central Bank of Nigeria on Wednesday launched an online portal as one of the measures to ease the hardship caused by the scarcity of new naira notes.

The aim of the portal is to redeem the old N1000 and N500 cash still held by Nigerians and facilitate the process of depositing the cash in any of the commercial branches.

AmBusiness reported that Buhari on Thursday ordered the CBN to allow the continued use of the old N200 note alongside its newly redesigned counterpart until April 10, 2023, but maintained that N500 and N1000 notes are no longer legal tenders.

He, however, admonished citizens to deposit their old N500 and N1000 notes at any of the CBN’s branches by following the provided guidelines.

Members of the public have been urged to make their registrations provided they have accounts, Bank Verification Number, and any means of identification like the NIN, driver’s license, voters card or passport.

How to make registration on the portal 

  • Ensure you have a bank account
  • Visit the official website of the Central Bank of Nigeria
  • On the site you will see an instruction that reads,

“Please click here to create your profile, generate reference and print out receipt for you to proceed to your selected bank branch to deposit your old N1000, N500 and N200 notes into your bank account.”

  • Click on the hyperlink “here”

The link takes you to the portal where you can either select “New Deposit” or “Deposit Tracking,” depending on what you are doing.


What you need to generate your reference number

  • Ascertain if you are depositing as an individual or for a corporation
  • Registering as an individual, you need your Bank Verification Number
  • As a corporation, you need your Tax Identification Number
  • Corporation/individual account number, account name, phone number, email address, and address of the depositor are also needed
  • Note the sum of each old N200, N500, and N1000 notes that you have
  • Enter the total amount to be deposited
  • You can now generate your reference number and print receipt

The receipt is to be printed and taken to any of the CBN branches closest to you to deposit the money in your bank account.

However, CBN has warned Nigerians to access this form only through the Central Bank of Nigeria’s official page.

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