The Central Bank of Nigeria (CBN) has issued a warning to Deposit Money Banks (DMBs) and Authorised Forex Dealers, advising them against rejecting old and lower dollar denominations from customers in the country.
The Apex Bank said the directive became necessary as it had been inundated with complaints from customers after it conducted consumer market intelligence.
The CBN said all banks and authorised forex dealers should henceforth accept both old series and lower denominations of United States dollars (USD) that are legal tender for a deposit from their customers”.
The financial regulator warned that sanctions would be meted out to any bank or authorised forex dealer that rejects old series or lower denominations of the United States greenback from their customers.
