Emma Ujah, Abuja Bureau Chief 

The Central Bank of Nigeria (CBN) has treathened to sanction Deposit Money Banks (DMBs) and Authorised foreign exchange dealers, for rejecting old and small denominations of the United States of America Dollar bills.

In a circular issued by the Ag. Director of Currency Operations Department of CBN, Mr. Mohammed Solaja, with reference: COD/DIR/INT/CIR/001/017, the apex bank said its market intelligence had revealed the continued rejection of the affected Dollar notes, which it described as unacceptable. 

According to the CBN, its earlier circular number COD/DIR/INT/001//002, dated April 9, 2021, remained in force and that its provisions would be applied against any bank or authorised foreign exchange dealer who contravened the Guidelines. 

The, bank, in the new circular, dated June 27, 2024, which was seen by Vanguard, this afternoon,  insisted that all parties must adhere to its directives.

It said all DMBs and Authorised foreign exchange dealers must accept old series and small denominations of Dollars that are brought by their customers for deposit.

It added, “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.”