By Kadiri Abdulrahman
The Central Bank of Nigeria (CBN) has ordered deposit bank (DNB) and Bureau de Change (BDC) operators to now accept old and lower US dollars as legal tender.
The umbrella bank gave the order in a circular signed by its director of the foreign exchange operations department, Mr. Ahmed Umar.
Umar said the CBN has been inundated with complaints about the rejection of US dollar deposits of old or lower values in banks.
He said the CBN would sanction one of the relevant stakeholders, who refused to accept such denominations of their customers’ currencies.
“The CBN had lately been inundated with complaints from members of the public regarding the rejection of old / lower denominations of US dollar notes by DMBs and other authorized forex brokers.
“All DMBs and authorized forex traders should now accept both old series and lower denominations of USD which are legal tender for deposit by their clients.
“The CBN will not hesitate to sanction any DMB or any other authorized forex dealer who refuses to accept old series or lower denominations of USD invoices from their clients,” he warned.
The manager also warned currency traders to give up the habit of degrading or stamping dollar banknotes as those banknotes always failed authentication tests during sorting. (NOPE)
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