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CBN warns banks and BDCs against rejection of lower dollar bills

Written by on July 3, 2024

The Central Bank of Nigeria, CBN is warning Deposit Money Banks, DMBs and authorized forex dealers, against rejecting old and lower dollar denominations from customers in the country.

According to the apex bank, the directive became necessary as it had been inundated with complaints from customers after it conducted consumer market intelligence.

In a circular dated June 27, 2024 but made public by the apex bank of recent, CBN’s Acting Director, Currency Operations Department, Solaja Olayemi, says the regulator frowned at this selective acceptance of deposit” and that all relevant parties comply accordingly.

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