The Central Bank of Nigeria (CBN) has warned that it will impose sanctions on Deposit Money Banks (DMBs) for refusing to accept old and small denominations of United States Dollars.
According to a circular issued by the Acting Director of the Currency Operations Department of CBN, referenced as COD/DIR/INT/CIR/001/017, the apex bank expressed concern over reports of ongoing rejection of these Dollar notes, which it deemed unacceptable.
This development follows a similar warning issued by the CBN three years ago. In 2021, the CBN directed Deposit Money Banks (DMBs) and Bureau De Change (BDC) operators to accept old and lower denominations of US dollars as legal tender from their customers or face penalties. The directive was communicated through a circular signed by the Director of the Currency Operations Department, Mr. Ahmed Umar.
At that time, Umar stated that the CBN had received numerous complaints about banks and forex dealers rejecting deposits of old or lower denomination US dollar notes, emphasizing that failure to comply would result in sanctions.
The Central Bank of Nigeria (CBN) has warned that it will impose sanctions on Deposit Money Banks (DMBs) for refusing to accept old and small denominations of United States Dollars.
According to a circular issued by the Acting Director of the Currency Operations Department of CBN, referenced as COD/DIR/INT/CIR/001/017, the apex bank expressed concern over reports of ongoing rejection of these Dollar notes, which it deemed unacceptable.
This development follows a similar warning issued by the CBN three years ago. In 2021, the CBN directed Deposit Money Banks (DMBs) and Bureau De Change (BDC) operators to accept old and lower denominations of US dollars as legal tender from their customers or face penalties. The directive was communicated through a circular signed by the Director of the Currency Operations Department, Mr. Ahmed Umar.
At that time, Umar stated that the CBN had received numerous complaints about banks and forex dealers rejecting deposits of old or lower denomination US dollar notes, emphasizing that failure to comply would result in sanctions.
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