The Central Bank of Nigeria (CBN) has warned banks sternly, advising them against rejecting dirty and mutilated Naira notes. The CBN emphasized that any bank found guilty of such actions will face sanctions.
In a circular dated June 28, 2024, signed by Mr. Solaja Mohammed, Acting Director of the Currency Operations Department, and published on the CBN’s website on Wednesday, the bank noted it has received several reports of Deposit Money Banks (DMBs) refusing damaged Naira notes.
The circular states: “It is crucial to remind DMBs that the CBN circular dated July 2, 2019, reference number COD/DIR.GEN/CIR/01/006, which prescribes penalties for the rejection of Naira banknotes, is still in effect and applies to any DMBs in violation. Henceforth, the CBN will strictly enforce sanctions on any DMBs reported to have declined Naira banknote deposits from the public under any guise.”
Furthermore, the CBN has also cautioned banks and bureau de change (BDC) operators against the continued refusal of old series and lower denominations of United States Dollars.
