CBN Opens Portal for Deposit of Old Bank Notes


As previously published by Felix Omoko Blog, the Central Bank of Nigeria (CBN) has fixed February 17 as deadline for collection of old bank notes from the public as the use of the old notes are no longer legal tender.

The CBN has stated that with effect from 10th February, the old bank notes of N200, N500 and N1000 are not to be used as legal tender and commercial banks cannot collect them on their behalf, except through CBN branch offices nationwide.

Also, you can no longer deposit the old bank notes in any of the commercial banks and should not be use for making purchases as clearly stated by the Central Bank of Nigeria.

Procedure for Depositing the Old Bank Notes

CBN offices are located in the 36 states of the country including the Federal Capital Territory, therefore, you are to follow the procedure below to deposit the old bank notes.

1. Open the CBN website and fill an online form to generate a code or go along with the money to the nearest CBN branch in your state to obtain the form and fill.

2. Means of Identification - visit the state CBN office with any of the Federal Government issued ID cards

3. A teller would be issued to you at the CBN branch and the old notes will be collected and deposited into your accounts. 

4. Active bank account number and BVN.

Deadline for the submission

The operation starts from 9am to 2pm, from February 15 to 17.

CBN Statement in regards to how to deposit the old bank notes of N200, N500 and N1000

The CBN Branch Controller in Bauchi, Haladu Idris Andaza, alluded to these steps while briefing journalists on Tuesday morning that the old notes were no longer legal tender.

She said, “So for the avoidance of doubt, we wish to state categorically that CBN is ready and is opened to receive all of those old notes based on certain conditions and criteria. Customers are free to come to the Bank and deposit which they cannot do at the Commercial Banks anymore because the currency has seized to be a legal tender since the 10th of this month.

"The management of the CBN decided that those customers will have a sigh of relief by coming to the offices of the CBN in all the 36 states in the Federation including FCT to deposit their money."

The customer has to go to the CBN portal and fill a form in the portal, there will be a form there concerning this currency redesign and exchange. After filling the form, you generate a code, you either print it or come with it in your mobile phone, give us the code and the information contained therein. In the form, you are expected to provide all the basic information about yourself, your account details and the amount you want to deposit.

By the time you have done it correctly, you come to the CBN where the code will be accepted from you as well as the money, process and confirm the genuineness or otherwise of the money to avoid receiving fake notes because there are some fake notes in circulation now, she said.

CBN Portal Now Open

To deposit old bank notes, kindly visit