CBN Directs Banks To Accept Old, Lower Dollar Denominations

The Central bank of Nigeria has directed Deposit Money Banks (DMBs) and other authorised foreign exchange deals to accept old and lower denomination of the United States dollar (USD). 

In a circular made available to the public on Tuesday and signed by Ahmed Umar, CBN said that it has gathered complaints of the rejection of old and lower denominations of USD by DMBs and authorised forex dealers.

The bank then directed that the lenders and forex dealers accept both old and lower denominations of the currency or risk sanctioning.

The circular read in part, “All DMBs/authorised forex dealers should henceforth accept both old series and lower denominations (USD) 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 US Dollar bills from their customers.

“In addition, al authorised forex dealers are advised to desist from defacing/stamping US Dollar Banknotes as such notes always fail authentication test during processing/sorting”