CBN CONDEMNS REJECTION OF LOWER DOLLAR BILLS.

July 3, 2024

The Central Bank of Nigeria CBN has issued a warning to Deposit Money Banks DMBs and authorized forex dealers, advising them against rejecting old and lower dollar denominations from customers in the country following several complaints from customers after it conducted consumer market intelligence.

In a circular dated June 27, 2024, but made public by the apex bank on Monday, the Acting Director, Currency Operations Department of the Apex bank, SOLAJA OLAYEMI said the regulator condemned the selective acceptance of deposits and that all relevant parties 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 depositsfrom their customers.

The financial regulator warned that sanctions would be meted out to any bank or authorizedforex dealer that rejects old series or lower denominations of the United Statesgreenback from their customers.

Written by: Ella Adike

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PRESIDENT TINUBU ENGAGES NEW BOARD MEMBERS FOR FAMILY HOMES FUNDS.

President BOLA TINUBU has approved the appointment of board members for Family Homes Funds Limited FHFL. The media aid to the President, AJURI NGELALE in a short statement yesterday listed the new appointees as DEMOLA ADEBISE as Board Chairman, ABDUL MUTTALAB as Chief Executive Officer and Managing Director,ABDULLAHI MUSA as Executive Director, Finance, and EMEKA INEGBU as Executive Director, Operations. Others appointed to the board as non-executive directors include SAM OKAGBUE, MUSA AHMED, ENIANG NKANG, BILKISU USMAN, and representatives of the Ministry of Finance Incorporated and Nigeria Sovereign Investment Authority NSIA. The President expects the new members of the board to […]

July 3, 2024