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CBN orders banks, forex dealers to accept old, lower dollar notes or face sanctions

The Central Bank of Nigeria (CBN) has ordered commerical banks and authorised foreign exchange (forex) dealers to henceforth accept both old series and lower denominations of the US dollars for deposit from customers.

In a circular by the CBN’s Director of Currency Operations Department, Ahmed  Umar, to all deposit money banks (DMBs), Bureau De Change (BDC) operators and the general public on Tuesday April 20, the apex bank threatened to sanction any banks or forex dealers who refuse to comply with the order.

The Memo, entitled : “The rejection of old/lower denomination of the United States dollar by the DBMs/forex dealers.” reads in part:

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“The Central Bank of Nigeria (CBN) has in recent times been inundated with complaints from members of the public on the rejection of old/lower denominations of the US dollars bills by the DMBs and other authorised forex dealers

“All DMBs/authorised forex dealers should henceforth accept both old series and lower denominations of the US dollars that are legal tender 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 the US dollar bills 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/sorting.”

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