Connect with us

    Hi, what are you looking for?

    E-Financial

    CBN to sanction banks rejecting old and small Dollar denominations

    CBN
    CBN

    Central Bank of Nigeria (CBN) has threatened to sanction Deposit Money Banks (DMBs) for rejecting old and small denominations of the United States of America Dollars.

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

    This comes three years after the apex bank gave a similar warning.

    Back in 2021, the Central Bank of Nigeria ordered Deposit Money Banks (DMBs) and Bureau De Change (BDC) operators to accept from their customers old and lower denominations of US dollars as legal tender or face sanctions.

    The CBN directive was contained in a circular signed by its Director for Currency Operations Department, Mr Ahmed Umar.

    At the time, Umar said in his statement that the apex bank had been faced with complaints of the rejection of old/lower denomination US dollar deposits in the banks, adding that the CBN would sanction any of the banks or forex dealers, who failed to accept such denominations from their customers.

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    News

    The United States has reversed its visa restrictions on Ghana after the West African country agreed to accept west Africans deported by the United...

    Tech

    Lagos State has reaffirmed its leadership in Nigeria’s digital transformation drive by hosting the ICT Commissioners Roundtable during the GITEX Africa conference. The event...

    Tech

    Kashifu Inuwa, Director General of the National Information Technology Development Agency (NITDA), has said Nigeria’s collaboration with the Japan International Cooperation Agency (JICA) is...

    E-Financial

    Shareholders of Unity Bank Plc have approved the proposed merger with Providus Bank Limited, marking a major milestone in the business combination of the...