CBN threatens to sanction financial institutions rejecting old, lower denominations of US Dollars

Commercial banks, other financial institutions and licensed Bureau De Change (BDC) operators who reject old and lower denomination of the United States dollar bills will be sanctioned.
The apex bank, Central Bank of Nigeria (CBN) issued this statement recently.
In a circular signed and released to relevant stakeholders by its Director, Currency Operations Department, Ahmed Umar, the apex bank directed DMBs, BDCs and the public to accept old series and lower denominations of US dollars that are legal tender.
“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 US dollars bills by DMBs and other authorised forex dealers,” he said in a statement.
Continuing, he said: “All OMBs/authorised 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 CBN will not hesitate to sanction any DMB or other authorised forex dealers who refuse to accept old series/lower denominations of US Dollar from their customers.”
The apex bank also warned  forex dealers against defacing/stamping US dollar banknotes as such notes always fail authentication tests during processing/sorting.”

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