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CBN Cautions DMOs, BDCs Against Rejecting Old, Lower Denomination Of USD Bills

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The Central Bank of Nigeria (CBN) has issued a strong warning to Bureau De Change operators who reject old and lower denomination of the United States dollar bills. CBN in a circular signed by its director, currency operations department, Ahmed Umar, threatened to sanction deposit money banks and authorized BDCs who are found guilty. The apex bank directed all DMOs, BDCs, and the general public to accept both old series and lower denominations of USD that are legal tender. “The Central Bank of Nigeria (CBN) has in recent times been inundated with complaints from members of the public on the rejection of old/lower denominations of US dollar bills by Deposit money banks (OMBs) and other authorized forex dealers,” the bank said in a statement Tuesday.

“All OMBs/authorized forex dealers should henceforth accept both old series and lower denominations of United States Dollars (USD) that are legal tender for deposit from their customers.

“The CBN will not hesitate to sanction any DMB or other authorized forex dealers who refuse to accept old series/lower denominations of US Dollar from their customers.” He warned.

Umar also cautioned forex dealers to desist from the habit of defacing or stamping dollar banknotes, as such notes always failed authentication tests during sorting.