The Central Bank of Nigeria, CBN has issued a warning to Deposit Money Banks ,DMBs and authorised forex dealers, against rejecting old and lower dollar denominations from customers in the country.
According to the apex bank, the directive became necessary as it had been receiving complaints from customers after it conducted consumer market intelligence.
In a circular dated June 27, 2024 but made public on Monday, July 1, CBN’s Acting Director, Currency Operations Department, Solaja Olayemi, said the regulator frowned at the selective acceptance of deposit, urging all relevant parties to comply accordingly to the CBN directive.
The bank warned that sanctions would be meted out at any bank or authorised forex dealer that reject old series or lower denominations of the United States’ greenback from their customers.
