The CBN will not hesitate to sanction any commercial bank or authorised forex dealer that refuses to accept old series or lower denominations of US Dollar bills from customers.
The Central Bank of Nigeria (CBN) has issued a directive mandating all Deposit Money Banks, authorised forex dealers and the public to accept old series and lower denominations of United States Dollar (USD) notes from their customers.
According to the bank, the move comes in response to consumer market intelligence revealing continued rejection of these denominations by banks and authorised forex dealers.
In a circular dated 27 June 2024, signed by Solaja Olayemi, acting director of the currency operations department, the CBN reminded all relevant parties of a previous circular issued on 9 April 2021, which explicitly discouraged the selective acceptance of deposits.
The CBN reiterated that this policy remains in force and must be strictly adhered to.
“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.
“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 to and complied with by all relevant parties,” it said.
The circular also emphasised the CBN’s resolve to enforce compliance.
Nigerians need credible journalism. Help us report it.
PREMIUM TIMES delivers fact-based journalism for Nigerians, by Nigerians — and our community of supporters, the readers who donate, make our work possible. Help us bring you and millions of others in-depth, meticulously researched news and information.
It’s essential to acknowledge that news production incurs expenses, and we take pride in never placing our stories behind a prohibitive paywall.
Will you support our newsroom with a modest donation to help maintain our commitment to free, accessible news?
The bank warned that it would not hesitate to sanction any commercial bank or authorised forex dealer that refuses to accept old series or lower denominations of US Dollar bills from customers.
It also advised all authorised forex dealers to refrain from defacing or stamping US Dollar banknotes, as such notes tend to fail authentication tests during processing and sorting.
Support PREMIUM TIMES' journalism of integrity and credibility
At Premium Times, we firmly believe in the importance of high-quality journalism. Recognizing that not everyone can afford costly news subscriptions, we are dedicated to delivering meticulously researched, fact-checked news that remains freely accessible to all.
Whether you turn to Premium Times for daily updates, in-depth investigations into pressing national issues, or entertaining trending stories, we value your readership.
It’s essential to acknowledge that news production incurs expenses, and we take pride in never placing our stories behind a prohibitive paywall.
Would you consider supporting us with a modest contribution on a monthly basis to help maintain our commitment to free, accessible news?
Make Contribution