Foreign Exchange Dealers and Commercial Banks Ordered To Accept Old Series and Lower Denomination of the US Dollar as Deposit From Customers .

The Central Bank of Nigeria has ordered authorized foreign exchange dealers ( Forex ) and commercial banks to accept old series and lower denomination of the US dollars as deposit from customers.

In a circular issued to – Bureau De Change operators , Deposit Money Banks , and the General Public by the director of currency operation department Ahmed Umar threatened to sanction any of the financial house listed above that refuses to comply with the order.

Read Statement below

The CBN has in recent times been drowned with complaints from members of the public on the rejection of old and lower denomination of the US dollar by the DMBs and authorized forex traders.

All DMBs and authorized forex dealers should henceforth accept both old series and lower denomination of the US dollar that are legal tender for deposit from their customers.

The CBN will not hesitate to sanction any DMB or authorized forex traders who refuse to accept the old series and lower denomination of US dollar bill from their customers

In addition, all involved in defacing and stamping the US dollar bank notes should desist from doing so, as such notes have a high tendency to fail authentication test during processing and sorting.

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