CBN sets up portal for old naira notes deposit

The Central Bank of Nigeria (CBN), has opened a portal for the collection of old naira notes from people.

The apex bank opened the portal on its website, days after banks started rejecting the old denominations. The portal is crs.cbn.gov.ng,

Depositors are required to fill in their Bank Verification Number, phone number, email address, bank details, address, the amount to be deposited as well as the denominations to be deposited, after which a reference number would be generated.

With the reference number, the depositor could track the status of the deposit through the portal.

The depositor was also expected to visit a CBN branch with a printout of the filled form.

To deposit old notes at a CBN branch, customers would be required to have a completed online application form, copy of valid means of identification and a completed teller.

Once the account is verified, the equivalent of the cash would then be deposited in the customer’s bank account.

The CBN branches do not open accounts for individuals. As such, individuals who wish to deposit their old, redesigned notes must have an active account with a Deposit Money Bank.