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The Central Bank of Nigeria has issued a warning regarding the ongoing refusal of regulated entities in Nigeria to accept old series and lower denominations of United States dollars.
The bank has threatened to impose sanctions on lenders that reject these currencies. The warning was communicated in a circular dated June 27, signed by Solaja Olayemi, the acting director of the currency operations department, and recently published on the apex bank's website.
The circular specifically targets Deposit Money Banks, Bureau De Change operators, and the general public, advising them against persistently refusing old series and lower denomination American dollar bills.
The CBN stated that the issuance of the new circular was prompted by consumer market intelligence findings, which revealed the consistent rejection of old and lower denomination dollar bills by banks and other authorized forex dealers.
The circular also cautioned authorized forex dealers against defacing or stamping US Dollar banknotes, as such actions often result in the notes failing authentication tests during processing and sorting.
