The Central Bank of Nigeria (CBN) has instructed banks and foreign exchange (FX) dealers to stop rejecting old series and lower denominations of dollars.
In a circular dated June 27, 2024, and signed by Solaja
Mohammed Olayemi, CBN’s acting director, currency operations department, the
apex bank said all relevant parties must adhere to and comply with the
instruction, emphasising its disapproval of selective acceptance of deposits.
CBN, in the circular released on Tuesday, said it discovered
old series and lower denominations of dollars are still being rejected during a
consumer market survey.
“The outcome of the consumer market intelligence conducted by the Bank revealed the continued rejection of old/lower denominations of United States (US) Dollar bills by Deposit Money Banks (DMBs) and other authorized forex dealers,” CBN said.
“Kindly be reminded
that the Central Bank of Nigeria (CBN) circular referenced
COD/DIR/INT/CIR/001/002 and dated 9th April 2021 which explicitly frowned at
this selective acceptance of deposit is still in force and must be adhered and
complied with by all relevant parties.”
CBN said all banks and authorised FX dealers “should
henceforth accept both old series and lower denominations of United States Dollars
(USD) that are legal tender for deposit from their customers”.
The financial regulator warned that it will not hesitate to
sanction any bank or authorised forex dealer who refuses to accept old series
or lower denominations of dollars from their customers.
CBN also advised all authorised forex dealers to refrain
from defacing or stamping dollars, as such notes often fail authentication
tests during processing and sorting.
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