The Central Bank of Nigeria (CBN), says it will henceforth sanction deposit money banks, or other authorized foreign exchange dealers that reject old series, or lower denominations of the US$ bills from their customers.

In a circular by Ahmed B. Umar, its director, Currency Operations Department, dated April 9, 2021, referenced COD/DIR/INT/CIR/001/002, the CBN directed them to henceforth accept the US$ for as they are legal tender for deposit.

According to the circular, the apex bank said it “has in recent times been inundated with complaints from members of the public on the rejectgion of old/lower denominations of US Dollar bills by deposit money banks (DMB) and other authorized forex dealers.”

The circular also warned authorized forex dealers to desist from defacing/stamping US Dollar banknotes, which it said always fail authentication test during processing and sorting.