The Central Bank of Nigeria has said it would sanction Deposit Money Banks and Bureau De change operators who from now on reject small denominations of the United States of America dollar.
The warning was contained in a circular by the CBN Acting Director, Currency Operations Department, Mohammed Solaja.
In the circular, the CBN said its market intelligence had revealed the continued rejection of the affected dollar notes, which it said was unacceptable.
According to the CBN its earlier circular, number: COD/DIR/INT/001//002, dated April 9, 2021, remained in force and its provisions would be applied against any bank or authorised foreign dealer who contravened the guidelines.
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The latest circular, dated June 27, 2024, said: “The Central Bank of Nigeria will not hesitate to sanction any DMB or authorised foreign exchange dealer who refuses to accept old series/lower denominations of the US Dollar bills from their customers.
“In addition, all authorised foreign exchange dealers are advised to desist from defacing/stamping US Banknotes as such notes always fail authentication test during processing/sorting.”
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