CBN To Penalise Banks, BDCs Rejecting Old, Small Dollar Denominations

The Central Bank of Nigeria has ordered banks and licenced Bureau De Change Operators to accept both old series and lower denominations of the United States dollar from their customers.

The development was triggered by complaints over rejection of lower denomination of dollar and lower series of the dollar by authorised dealer.

CBN issued the directive in a statement on Wednesday seen by THE WHISTLER.

The country had been faced with huge dollar scarcity which is hitting hard on business activities and the value of the naira.

The apex bank said, “All DMBs/authorised forex dealers should henceforth accept both old series and lower denominations of United States Dollars that are legal tenders for deposit from their customers.

“The CBN will not hesitate to sanction any DMB or other authorised forex dealers who refuse to accept old series/lower denominations of US Dollar bills from their customers.”

The bank also warned dealers and banks to stop defacing  or stamping bank notes as the notes fail authentication test during processing.

“All authorised dealers are advised to desist from defacing/stamping US Dollar Banknotes as such notes always fail authentication test during processing/sorting.”