The Central Bank of Nigeria (CBN) has issued a warning to Deposit Money Banks (DMBs) and authorized forex 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, but made public by the apex bank on Monday, CBN’s Acting Director, Currency Operations Department, Solaja Olayemi, said all banks and authorized forex dealers “should henceforth accept both old series and lower denominations of United States Dollars (USD) that are legal tender for the deposit from their customers”.
The financial regulator warned that sanctions would be meted out to any bank or authorized forex dealer that rejects old series or lower denominations of the United States greenback from their customers.