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CBN to sanction commercial banks rejecting mutilated Naira notes, lower Dollar bills –Official

Photo Collage of Dr. Olayemi Cardoso, Governor of CBN, Dollar Bills and Naira Notes

*The Central Bank of Nigeria warns any Deposit Money Banks rejecting deposits of old, mutilated Naira notes and lower denominations of Dollar bills from depositors under any guise will incur regulatory sanctions

Isola Moses | ConsumerConnect

Sequel to reports of inflations of the country’s monetary policy, the Central Bank of Nigeria (CBN) has said it will penalise any Deposit Money Banks (DMBs) that reject old/mutilated Naira notes and lower denominations of Dollar bills.

Solaja Olayemi, Acting Director of Currency Operations Department at CBN, noted this in a statement issued Thursday, July 4, 2024.

The Bank said it had received several reports made against the banks.

The statement noted:

“The Central Bank of Nigeria (CBN) has received several reports of rejection of dirty/mutilated Naira banknotes by some Deposit Money Banks (DMBs).

“Consequently, it has become imperative to remind DMBs that the CBN circular dated July 2, 2019, reference number COD/DIR/GEN/CIR/01/006, which prescribes penalties for the rejection of Naira banknotes, is still enforceable and binding on erring DMBs.”

The Bankers’ Bank also warned that it would not hesitate to impose strict sanctions on banks reported to have rejected naira deposits from the public, under any guise.

Also, on July 2, CBN warned banks and authorised foreign exchange dealers against rejecting old series and lower denominations of dollars.

The CBN, therefore, stressed that all relevant parties must adhere to and comply with the instruction.

The Bank also emphasised its disapproval of “selective acceptance of deposits”.

The Acting Director of Currency Operations said the Bank had discovered old series and lower denominations of Dollars were still being rejected during a recent consumer market survey.

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