CBN to sanction DMBs, Forex dealers who reject old, lower denominations of dollars

By Chioma Obinagwam

Nigeria’s central monetary authority, the Central Bank of Nigeria (CBN) has mandated Deposit Money Banks (DMBs) and Authorized Forex dealers to accept both old series and lower denominations of United States Dollars(USD) that are legal tender for deposit from their customers.

Confiance News gathered from a circular dated April 9, 2021 and signed by the Director, Currency Operations Department at CBN posted on its website on Tuesday.

According to the circular, “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 dollar bills by Deposit Money Banks and other authorized Forex dealers.

“The CBN will not hesitate to sanction any DMBs or other authorized forex dealers who refuse to accept old series/lower denominations of US Dollar bills from their customers.”

Also, the central monetary authority urged forex dealers to desist from defacing/stamping US Dollars bank notes because it always fail authentication test during processing/sorting.