How to Generate CBN Reference Code for Old Naira Deposit in 2023

How to Generate CBN Reference Code for Old Naira Deposit?

It is no longer news that the old naira note 500, and 1000 are no longer legal tender in Nigeria. This was made known to the public by the CBN governor.

As such people still have the old naira note with them regardless of the numerous opportunities and deadlines kept and postpone.

To this end, the federal government has brought out a solution to curb the challenge of old naira deposits. All citizens are advised to make the deposit of the old naira note to the nearest central bank of Nigeria branch in your location.

In this article, I will be taking you on the step-by-step process to generate a reference code for your deposit

The central bank has now given procedures for depositing the old naira note. Among the list of procedures, given is the generation of the CBN code for the deposit.

This is more like the very first step to take if you want to deposit the old naira note in the Central Bank of Nigeria. To save time, stress, and energy it is advised to generate the code at home so that when you get to the bank you are just going to do a deposit.

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How to Generate CBN Reference Code for Old Naira Deposit

To generate the code online you need to follow the following steps.

Firstly you need to have access to a good internet connection. It is preferred to use the chrome browser

Step 1

Click on the link https://crs.cbn.gov.ng/

A page like a screenshot you see will come up and you click on get started

Step 2

you click on the new deposit button(since you want to deposit your old naira note)

Step 3

An interface will open where you have to fill in your details. please note that you have fill in your correct detail, or else your deposit might be rejected. and you may not even be able to generate a reference number.

The Details Needed include;

Depositors Type;

The depositor’s type is either a corporate account for companies or businessmen using the corporate account( this means they have another party that has access to the account) and an individual type for the person using the individual account. (By individual account I mean an account that we don’t have a third party). You are the sole owner of the account.

If you are using a joint account, you are to choose a Co-operate account.

Bank Name

Here, you have to select your bank. Most people get confused because they have up to three, or four accounts with different banks. You shouldn’t panic if your account has been linked to your BVN.

You are to fill in or choose a bank that you want the money you are depositing to be credited. These account details should be correct and accurate. The account in question should be a valid account and not a dominant one.

Account Number

Here, you are to fill in the account number of the bank you have chosen. You cannot choose a Union bank account name and then you fill in the account number of your Eco bank account.

your account name should tally with your account number.

Account Name

Your account name should also tally with the account number and the bank name you have given.

Depositors Phone Number

It is advisable to use the same phone number linked to your BVN. Most people that have lost their BVN phone number have other alternatives which are the email linked to your BVN.

Depositors Email Address

It is quite unfortunate that most Nigerian find it very hard to understand the need for a Gmail or Email account. No matter the pressure and emergency, You are advised not to use some else email in place of your email account.

You are to use the same email you used to open your account. the email you used to receive your debit or credit alert, the email you use to get your annual or monthly bank statement., that is the email that is linked to your account.

Depositors Address

You are to fill in the address you have in your bank account. The address should tally with the address you used when opening your account.

Amount of 200 Notes

You are not to fill in the total amount of money you have here. Just like you fill in the teller when you go to deposit in the bank.

Amount of 500 Notes

The same thing you did to 200 naira notes. You have to fill in the total amount of 500 naira notes you want to deposit.

Amount of 1000 Notes

Repeat the same thing you did for the 200 naira and 500 naira notes. Fill in the amount of 50 naira note you want to deposit.

Total Deposit

This is the added amount of all the denominations you have to deposit or this is the total amount of money to have to deposit.

Generate Reference Number

After checking the information you entered is correct and accurate you press the green button.

The generated reference number button will take some minutes if your detail is correct a reference number will be generated and shown on your screen. you copy it

The portal is called”The Cash Return Portal”. After the reference number is generated you will also get information on which of the central bank to go to for your deposit.

It is important not to panic, it will be a location close to you.

Conclusion

The Central Bank is trying possible means to accept all deposits of the old naira note before the extended deadline. if we follow the guidelines properly then we will be attended to.

Also, it is important to note that the extended period ends on the 22nd of February. If there will be any other extension we will notify you. please do well to share correct and valid information only with people close to you.

All citizens are to note that any money that is miscounted or overcounted will be sent to the designated account number and it is in the power of the user bank to refund it or not.

CBN shall be held liable for any missed funds or overcounted money or counterfeit money deposited from the exchange or swap.

Old Naira Deposit through CBN Generated Reference Code Frequently Asked Questions

What time can I go for the deposit?

you go there from 8:00 am in the morning. use the normal banking or working hours.

Do they open on weekends?

Nope, CBN does not operate on weekends.

What is the maximum amount I can deposit?

The CBN uses the same laws governing money deposits in different banks. There is a restriction to cooperate and individual accounts.

Can I generate the code at the CBN center?

Yes, you can generate the code after filling out the form there but it is time-consuming.

How to Generate CBN Reference Code for Old Naira Deposit in 2023