The Central Bank of Nigeria (CBN) has announced that it will sanction Deposit Money Banks (DMBs) for refusing to accept old and small denominations of US dollars.
In a circular issued by the Acting Director of Currency Operations, the CBN stated that its market intelligence has revealed a continued rejection of these dollar notes, which the bank finds unacceptable.
This announcement comes three years after the CBN issued a similar warning. In 2021, the CBN instructed DMBs and Bureau De Change (BDC) operators to accept old and smaller denominations of US dollars from customers as legal tender or face penalties.
The CBN directive was contained in a circular signed by its Director for Currency Operations Department, Mr Ahmed Umar.
At the time, Umar said in his statement that the apex bank had been faced with complaints of the rejection of old/lower denomination US dollar deposits in the banks, adding that the CBN would sanction any of the banks or forex dealers, who failed to accept such denominations from their customers.
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