CBN Threatens to Sanction Banks for Rejecting Old and Small Denominations of US Dollars.
The Central Bank of Nigeria (CBN) has issued a warning to Deposit Money Banks (DMBs) against the continued rejection of old and small denominations of US Dollars. This move follows reports and market intelligence that revealed the ongoing refusal of these notes, a practice deemed unacceptable by the apex bank.
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In a circular referenced COD/DIR/INT/CIR/001/017, the Acting Director of the Currency Operations Department of CBN emphasized the need for DMBs to accept all denominations of the US Dollar. The circular highlighted that any bank found rejecting these notes would face sanctions.
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What is CBN Saying?
CBN’s directives aimed at ensuring seamless currency exchange process and maintaining confidence in the banking system’s operations regarding foreign currency transactions.
More details to come .
