The Central Bank of Nigeria has warned against the continued rejection of old series and lower denominations of the United States of American dollars by its regulated entities in Nigeria.
The Central Bank of Nigeria (CBN) has warned banks and other authorized forex dealers to accept old and lower denomination US dollar bills, threatening sanctions for non-compliance.
The CBN’s circular, signed by acting director of currency operations Solaja Olayemi, reminded regulated entities of an earlier directive issued in April 2021, which prohibited selective acceptance of US dollar deposits.
The bank warned that rejecting old and lower denomination US dollar bills is a violation of its directive, and offenders will face sanctions.
The CBN also cautioned authorized forex dealers against defacing or stamping US dollar banknotes, as such notes often fail authentication tests during processing and sorting.
