CBN to Penalize Banks for Refusing Old and Small US Dollar Notes

The Central Bank of Nigeria (CBN) has announced plans to impose sanctions on Deposit Money Banks (DMBs) for their refusal to accept old and small denominations of United States Dollars.

In a circular issued by the Acting Director of the Currency Operations Department, referenced as COD/DIR/INT/CIR/001/017, the apex bank expressed concern over reports of continued rejection of these Dollar notes, labeling the practice as unacceptable.

See the circular below: