Home Money Banks face CBN sanction for rejecting lower denomination U.S dollar bills

Banks face CBN sanction for rejecting lower denomination U.S dollar bills

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By Audrey Lotechukwu

WED 21 APRIL, 2021-theGBJournal- The Central Bank of Nigeria (CBN) has warned that it will not hesitate to sanction any deposit money bank (DMB) or other authorised forex dealers who refuse to accept old series and lower denomination of United States Dollars (USD) that are legal tender for deposit from their customers.

The warning stems from numerous complaints from members of the public on the rejection of the denominations by banks.

‘’All DMBs/authorised forex dealers should henceforth accept both old series and lower denominations of the USD that are legal tender for deposit from all their customers,’’ the apex bank said in a circular Tuesday.

The CBN  also advised forex dealers to desist from defacing and stamping US dollar bank notes ‘’as such notes always fail authentication test during processing and sorting.’’

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