CBN warns no more rejection of US dollar bills


Central Bank of Nigeria cautioned every foreigners from rejection of old and lower denomination during foreign exchange.

CBN stated this warning on a statement to Deposit Money Bank, Bureau De change Operators and the general public. It was signed by Director of currency operations department in CBN, Ahmed Umar. It was titled, "The rejection of old, lower denomination of United States dollars by DMBs and forex dealers.

The statement reads, "the Central Bank of Nigeria has in recent times been truncated with complaints from members of the public on the rejection of old and lower denominations of US dollar bills by Deposit money banks and other authorised forex deals.

"All DMBs and authorised forex dealers should henceforth accept old series and lower denomination that are legal and tender for deposit from their customers.

"The CBN will not hesitate to sanction any DMBs or other authorised forex dealers to accept old and lower denominations of US dollar bills from their customers."

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