Fact Check: Despite CBN denial, you can still deposit your old ₦500, ₦1000 notes in banks, see step by step guides

  • The CBN has denied the report that it ordered deposit money banks to start collecting old ₦500 and ₦1000 notes citing that the media did not quote any official statement
  • However, a visit to the apex bank websites and processes involved in generating the reference number showed deposit money banks as part of the collectors of the old notes and not only CBN
  • After generating the reference number, you can then print out the slip, visit the branch of the deposit money bank you have selected with your old ₦500 and ₦1000 notes for deposit

The Central Bank of Nigerian (CBN), in a statement on Friday, February 17, denied the report that it has ordered the deposit money banks to start collecting the old ₦500 and ₦1000 notes.

The report claimed that the apex bank directed the deposit money banks to collect the old notes following difficulties Nigerians are experiencing in accessing the CBN.

Read also

How CBN reversed ttself on old naira notes after sending Memo to commercial banks to collect them

Central Bank of Nigeria/CBN/Naira Redesign/Naira Scarcity/2023 Election
How you can deposit your old ₦500 and ₦1000 notes in banks
Photo Credit: Central Bank of Nigeria
Source: Getty Images

You can still submit your old ₦500 and ₦1000 notes in banks and not only CBN

It quoted sources within the CBN that the limit individual can deposit is ₦500,000.

But the CBN quickly debunked the claim adding that it still hold on to the directive of the President Muhammadu Buhari.

It urged the public to “disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject.”

How to submit your old ₦500 and ₦1000 notes to your banks

However, a visit to the CBN website on Saturday, February 18, showed that the anyone still having the old naira notes can still deposit at the deposit money banks after generating the reference number from the CBN website.

To generate the reference number, you will have to fill a form of “new depositor” or “deposit tracking”, where you will enter either as individual or corporate (Your BVN, name, phone number and email address on your BVN).

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Ogun state govt to chase out companies, supermarket rejecting old naira notes

Then enter the depositor name, select bank, enter your account number, and account name.

Latest on old ₦500 and ₦1000 notes, CBN, naira scarcity, naira redesign

Just like filling teller in the deposit money banks, you will still enter your phone number, email address and depositor address.

Then the last stage is where you will enter the amounts of ₦200, ₦500, ₦1000 notes and the total amount you want to deposit.

You will then click on Generate Reference No. that you will take to the deposit money bank you have selected while filling the form.

See the picture of the form here:

CBN/Old N500 and N1000 notes/naira redesign/naira scarcity/2023 election
How you can deposit your old ₦500, ₦1000 notes in banks
Photo Credit: Central Bank of Nigeria
Source: Twitter

See CBN disclaimer:

“Attack on banks is armed robbery, and you will be treated as such”: Police warn

Legit.ng earlier reported that the Nigeria Police Force had cautioned protesters to desist from attacking banks as it is equivalent to robbery act.

Read also

UPDATED: Nigerians confused as CBN denies asking banks to collect old N500 and N1,000 Notes, banks React

Olumuyiwa Adejobi, the spokesperson of the force, in a broadcast disclosed that any protester arrested for attacking banks will be treated at robbers by the police without recourse to human rights.

Adejobi added that those who have been arrested will be charged to court for legal prosecution for armed robbery.

Source: Legit.ng

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