Following numerous complaints on rejection, the Central Bank of Nigeria (CBN) has mandated all Deposit Money Banks (DMBs) and Bureau de Change operators in the country to accept both old series and lower denominations of United States (U.S) Dollar that are legal tender for deposit from their customers.
The CBN directive is contained in a circular signed by its Director for Currency Operations Department, Mr Ahmed Umar.
This became necessary following complaints from the general public on the rejection of old/lower denominations of the U.S dollar bills by deposit money banks and other authorized forex dealers.
“The CBN will not hesitate to sanction any DMB or other authorized forex dealer who refuse to accept old series/ lower denominations of US Dollar bills from their customers”, the apex bank warned in a circular signed by Ahmed B. Umar, Director, Currency Operations Department.
It further advised all forex dealers to desist from defacing/stamping U.S Dollar banknotes as such notes always fail authentication test during processing/sorting.