The Central Bank of Nigeria (CBN) has issued a stern warning to Deposit Money Banks (DMBs) and authorized forex dealers, emphasizing the mandatory acceptance of old and lower denominations of United States Dollar (USD) bills from customers.
This directive comes in response to findings from consumer market intelligence, which revealed a continued pattern of selective rejection of these bills by financial institutions and forex dealers.
In a circular dated 27th June 2024, signed by Solaja Mohammed-J Olayemi, the Acting Director of the Currency Operations Department, and released on Monday on the bank’s website, the CBN reiterated the necessity for strict adherence to its earlier directive.
The new circular referenced an earlier directive, COD/DIR/INT/CIR/001/002, issued on 9th April 2021, explicitly prohibited the selective acceptance of deposits and required all relevant parties to comply fully.
The circular reads in part: “The outcome of the consumer market intelligence conducted by the Bank revealed the continued rejection of old/lower denominations of United States (US) Dollar bills by Deposit Money Banks (DMBS) and other authorized forex dealers.
