The Central Bank of Nigeria (CBN) has ordered all Deposit Money Banks (DMBs) and other authorized forex dealers to henceforth accept both old series and lower denominations of United States Dollars (USD) that are legal tender for deposit from their customers.
Disclosing this in a circular titled, ‘THE REJECTION OF OLD/LOWER DENOMINATION OF UNITED STATES DOLLAR BY DMBs/FOREX DEALERS’, dated 9th April 2021, the apex bank addressed all Deposit Money Banks, Bureau De Change Operators and the General Public.
According to the Circular, the Central Bank of Nigeria (CBN) stated that in recent times it has been inundated with complaints frorn members of the public on the rejection of old/lower denominations of US Dollar bills by DMBs and other authorized forex dealers.
Following the complaints, the apex bank however ordered all DMBs/authorized forex dealers to accept both old series and lower denominations of United States Dollars (USD) that are legal tender for deposit from their customers with immediate effect.
CBN further warned that it will not hesitate to sanction any DMB or other authorized forex dealers who refuse to accept old series/lower denominations of US Dollar bills from their customers.
In addition, the apex bank advised all authorized forex dealers to desist from defacing/stamping US Dollar Bank notes as such notes always fail authentication test during processing/sorting.