The Central Bank of Nigeria (CBN) has issued a warning to Deposit Money Banks (DMBs) and authorised foreign exchange (FX) dealers, advising them 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 inundated with complaints from customers after it conducted consumer market intelligence.
In a circular dated June 27, 2024 and signed by the CBN’s Acting Director, Currency Operations Department, Mr. Solaja Olayemi, the apex bank frowned at “this selective acceptance of deposit” and ordered that all relevant parties comply accordingly.
Specifically, the CBN directed all DMBs and authorised FX dealers to “henceforth accept both old series and lower denominations of United States Dollars (USD) that are legal tender for deposit from their customers”.
It warned that sanctions would be meted out to any bank or authorised FX dealer that rejected old series or lower denominations of the USD from their customers.
