How to Generate CBN Reference Number on your Phone for Old Naira Deposit

Generate CBN Reference Number – In this article, we will provide a step-by-step guide on how to generate a CBN reference number on your phone for old naira deposit, making the process easy and convenient for you.

With the Nigerian government’s recent policy to phase out old naira notes, individuals and businesses are required to deposit their old notes in their bank accounts before the deadline.

To facilitate this process, the Central Bank of Nigeria (CBN) has provided guidelines for the deposit of old notes. One of the requirements for depositing old notes is generating a CBN reference number, which can be done online via the CBN portal.

See Also: List of Nigerian Banks Accepting Old Naira Notes

Understanding the CBN reference number

Before delving into the process of generating a CBN reference number on your phone for old naira deposit, it’s important to understand what a CBN reference number is and why it’s required.

The Central Bank of Nigeria (CBN) reference number is a unique code generated by the CBN to track and identify transactions carried out by individuals and businesses. This code serves as a reference for all parties involved in a transaction and is used to facilitate the processing and reconciliation of transactions.

In the case of the old naira deposit, the CBN reference number is required to identify and verify the account details of the depositor. It is an essential requirement for anyone who wishes to deposit old naira notes and receive the equivalent value in their bank account. The reference number is generated through an online application process, which we will be discussing in this article.

See Also: How to deposit old Naira notes in CBN

Requirements for generating the CBN reference number

To generate the CBN reference number for depositing old naira notes, there are specific requirements that individuals must meet. These include:

• An active Deposit Money Bank account: The account must be active, and individuals must have access to it.
• Bank Verification Number (BVN): The BVN is a unique identification number that every account holder in Nigeria must have. It is a requirement for generating the CBN reference number.
• A valid Federal government-issued identity card: The identity card can be a National Identity Number (NIN), Driver’s License, Voters Card, or International Passport. The card must be valid and not expired.
• Completed online application form: Members of the public are required to complete an online application form on the CBN portal and generate a reference number before coming to the CBN.

By meeting these requirements, individuals can easily generate a reference number and proceed to deposit their old naira notes at the designated cash deposit window.

How to generate the CBN reference number on your phone

Generating a CBN reference number on your phone is a simple and straightforward process that requires following a few steps.

Here is a step-by-step guide on how to generate the CBN reference number on your phone:

1. Open your preferred browser on your phone and navigate to the CBN cash deposit website. The website address is https://crs.cbn.gov.ng/.
2. On the homepage, click on the “Get Started” button.
3. Click on “New Depositor.” CBN reference number
4. On the next page, you will be required to enter your personal details. This includes your full name, phone number, email address, and BVN.
5. Once you have entered your details, click on the “Generate Reference No.” button.
6. You will be redirected to a page where you can view and print your reference number. You will also receive an SMS and email containing your reference number.
7. Note down your reference number and proceed to your bank with your old Naira notes and other required documents.

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By following these steps, you can generate a CBN reference number on your phone, which you will need to deposit your old Naira notes.

It is important to note that the CBN reference number is only valid for 24 hours. Therefore, it is advisable to generate the reference number on the same day you plan to deposit your old Naira notes.

Submitting the old naira notes at the CBN

Submitting the old naira notes at the CBN is a straightforward process once you have generated your reference number.

After generating your reference number, you will be required to take your old notes to the CBN’s designated cash deposit center.

At the center, you will be required to present the old notes you want to deposit, along with your generated reference number, an active Deposit Money Bank account (such as Access, Zenith, GT, Keystone Banks), your Bank Verification Number (BVN), and a valid Federal government-issued identity card (NIN, Driver’s License, Voters Card, International Passport).

The CBN will validate your account and the notes you present before crediting your account within four weeks of the deposit. If the account validation process turns out negative, the bank will return the deposited notes.

It is important to note that the CBN has not made any official announcement about the collection of old naira notes, nor has it confirmed the guidelines that have been circulating on social media. However, the guidelines in the circulating document are in line with the Cash Deposit Program currently being implemented by the CBN.

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