The Central Bank of Nigeria (CBN) has directed Deposit money banks (DMBs) in the country to accept both Old series and lower denominations of United States Dollars (USD) that are legal tender for a deposit from their customers.
In a circular on Thursday signed by the Director, Currency Operations Department (CBN), Ahmed Umar, the apex banking sector regulator expressed concern that in recent times, it has been inundated with complaints from members of the public on the rejection of old/lower denominations of US Dollar bills by deposit money banks (DMBs) and other authorized forex dealers.
The regulator, therefore, instructs that DMBs/authorized forex dealers should “henceforth accept both old series and lower denominations of United States Dollars (USD) that are legal tender for a 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, all authorised forex dealers according to CBN are advised to desist from defacing/stamping US Dollar Banknotes as such notes always fail authentication test during processing/sorting.
