The Central Bank of Nigeria (CBN) has threatened to impose sanctions on Deposit Money Banks (DMBs) and Bureau De Change (BDC) operators that reject old and small denominations of United States dollar bills.
Here are some key points from the CBN's circular:
The CBN's market intelligence revealed continued rejection of the affected dollar notes, describing it as unacceptable.
The CBN's earlier circular number COD/DIR/INT/001//002, dated April 9, 2021, remains in force, and its provisions will be applied against any bank or authorized foreign exchange dealer that contravenes the guidelines.
All DMBs and authorized foreign exchange dealers must accept old series and small denominations of US dollars brought by customers for deposit.
The CBN will not hesitate to sanction any DMB or authorized foreign exchange dealer that refuses to accept old series or lower denominations of US dollar bills from customers.
Authorized foreign exchange dealers are advised to desist from defacing or stamping US banknotes, as such notes always fail authentication tests during processing and sorting.
The CBN's directive is a reminder of its commitment to ensuring smooth and fair currency operations within the Nigerian financial system.