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CBN Issues Fresh Warning To Banks, FX Dealers On Lower Dollar Denomination

Deposit Money Banks (DMBs) and authorized forex dealers, have been warned not to reject old and lower dollar denominations from customers in the country.

According to the Central Bank of Nigeria, CBN, the directive became necessary as it had been inundated by complaints from customers after it conducted consumer market intelligence

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A circular dated June 27, 2024, and signed by Solaja Mohammed Olayemi, CBN’s acting director, the currency operations department read “Kindly be reminded that the Central Bank of Nigeria (CBN) circular referenced COD/DIR/INT/CIR/001/002 and dated 9th April 2021 which explicitly frowned at this selective acceptance of deposit is still in force and must be adhered to and complied with by all relevant parties.”

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CBN said all banks and authorised FX dealers “should henceforth accept both old series and lower denominations of United States Dollars (USD) that are legal tender for deposit from their customers”.

The financial regulator warned that sanctions will be meted out on any bank or authorised forex dealer who refuses to accept old series or lower denominations of dollars from their customers.

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