The Central Bank of Nigeria (CBN) on Tuesday has ordered banks and Bureau De Change (BDC) operators to stop rejecting lower and old dollar denominations from customers.
The central bank gave the order in a circular dated April 9, 2021, which was signed by its Director, Currency Operations Department, a copy of which was posted on its website.
The financial regulator also advised banks and other authorised forex dealers to stop defacing or stamping the greenbacks.
It stated that it would not hesitate to sanction any bank or other authorised forex dealers who refuse to accept old or lower dollar denominations of US dollar bills from their customers.
The apex bank explained that in recent times, the banking sector regular had been inundated with complaints from members of the public regarding the rejection of lower/old denominations of US dollar bills by banks and other authorised forex dealers.
The circular read, “All deposit money banks and authorised dealers should henceforth accept both old series and lower denominations of the US dollars that are legal tender for deposit from their customers.”
“In addition, all authorised forex dealers are advised to desist from defacing/stamping US dollar banknotes as such notes always fail authentication test during processing and sorting.”