Learn how to easily generate a CBN reference number on your phone for depositing old naira notes. Follow our step-by-step guide to navigate to the CBN cash deposit website crs.cbn.gov.ng and create your reference number quickly and conveniently. Read now.
As the Nigerian government recently announced the phasing out of old naira notes, individuals and businesses must deposit their old notes in their bank accounts before the deadline. To help with the process, the Central Bank of Nigeria (CBN) has provided guidelines for the deposit of old notes, including the generation of a CBN reference number.
In this article, we will provide a step-by-step guide on how to generate a CBN reference number at crs.cbn.gov.ng website on your phone for old naira deposit, making the process easy and convenient for you.
Contents
Understanding the CBN reference number
Before delving into the process of generating a CBN reference number, it’s essential to understand what it is and why it’s required. The CBN reference number is a unique code generated by the CBN to track and identify transactions carried out by individuals and businesses.
The code serves as a reference for all parties involved in a transaction and is used to facilitate the processing and reconciliation of transactions. For old naira deposits, 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.
Requirements for generating the CBN reference number
To generate the CBN reference number for depositing old naira notes, certain requirements must be met, including:
- An active Deposit Money Bank account.
- A Bank Verification Number (BVN).
- A valid Federal government-issued identity card (e.g., NIN, Driver’s License, Voters Card, International Passport).
- Completed online application form on the CBN portal.
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.
Steps 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’s a step-by-step guide:
- Open your preferred browser on your phone and navigate to the CBN cash deposit website at https://crs.cbn.gov.ng/.
- Click on the “Get Started” button on the homepage.
- Click on “New Depositor.”
- Enter your personal details, including your full name, phone number, email address, and BVN.
- Click on the “Generate Reference No.” button.
- 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.
- Note down your reference number and proceed to your bank with your old naira notes and other required documents.
It’s important to note that the CBN reference number is only valid for 24 hours. Therefore, it’s 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, take your old notes to the CBN’s designated cash deposit center, where 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, your BVN, and a valid Federal government-issued identity card.
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.
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