CBN warns banks, others against rejecting lower dollar denominations, old bills

The Central Bank of Nigeria has warned deposit money banks and other authorised foreign exchange dealers in the country to stop rejecting old series and lower denominations of US dollars from customers.

The CBN said in a circular on Tuesday that it had in recent times been inundated with complaints from members of the public on the rejection of old/lower denominations of US dollar bills by banks and other authorised forex dealers.

It said, “All DMBs/authorised forex dealers should henceforth accept both old series and lower denominations of US dollars that are legal tender from their customers.

“The CBN will not hesitate to sanction any DMB or other authorised forex dealers who refuse to accept old series/lower denominations of US dollar bills from their customers.”

The apex bank, in the circular signed by its Director, Currency Operations Department, Ahmed Umar, advised all authorised forex dealers to desist from defacing/stamping US dollar banknotes as such notes always failed authentication test during processing/sorting.

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