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.

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.

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).

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:

See CBN disclaimer