The Central Bank of Nigeria (CBN) has issued a warning to Deposit Money Banks 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.
CBN’s Acting Director, Currency Operations Department, Solaja Olayemi, in a recent circular frowned at what he described as selective acceptance of deposit, warning all relevant parties to comply accordingly.
The CBN 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 deposit from their customers.
The financial regulator warned that sanctions would be meted out to any bank or authorised forex dealer that rejects old series or lower denominations of the United States’ greenback from their customers.
