CBN CONDEMNS REJECTION OF LOWER DOLLAR BILLS.

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.