Politics

CBN to sanction banks rejecting previous greenback notes

The Central Bank of Nigeria has warned towards the continued rejection of previous collection and decrease denominations of the United States of American {dollars} by its regulated entities in Nigeria.

The financial institution threatened to sanction lenders that rejected the currencies.

This was contained in a round dated June 27, signed by the performing director of the forex operations division, Solaja Olayemi, which was just lately launched on the web site of the apex financial institution.

The round directed at Deposit Money Banks, Bureau De Change operators and most of the people cautioned towards the continued rejection of the previous collection and decrease denomination of the American buck.

CBN stated the contemporary round adopted the end result of its client market intelligence, which revealed the continued rejection of previous/decrease denominations of greenback payments by banks and different authorised foreign exchange sellers.

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“Kindly be reminded that the Central Bank of Nigeria round referenced COD/DIR/INT/CIR/001/002 and dated ninth April 2021, which explicitly frowned at this selective acceptance of deposit, continues to be in power and have to be adhered to and complied with by all related events.

“For the avoidance of doubt and further guidance on the circular, the content is hereby reissued as follows for strict compliance: All DMBs /authorized forex dealers should henceforth accept both old series and lower denominations of United States Dollars that are legal tender for deposit from their customers. The CBN will not hesitate to sanction any DMB or authorised forex dealers who refuse to accept old series/lower denominations of US Dollar bills from their customers,” the round partly learn.

The round additionally warned authorised foreign exchange sellers towards defacing/stamping US Dollar banknotes as such notes at all times fail authentication exams throughout processing/sorting.

CBN first issued the warning in a round signed by then director of the forex operations division, Ahmed Umar, on April 9, 2021.

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