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CBN circular on the rejection of old/lower denomination of United States Dollar by DMBs/FOREX dealers

CBN circular on the rejection of old/lower denomination of United States Dollar by DMBs/FOREX dealers

Rejection of old USD – The Central Bank of Nigeria has expressed concern following issues being reported by Nigerians, which indicates that Deposit Money Banks and Bureau de change do not accept old and lower denomination of USD.

For example, where lower denominations are being accepted, they’re priced at a far lower value than their higher counterparts.

While old dated dollars are being rejected out rightly citing several flimsy excuses, this trend according to the Central Bank is perceived as gross misconduct in handling the nation’s financial process.

To this end, the below Circular refers;

Kindly go through it and be guided right. Endeavor to report to CBN using the appropriate channel where such misconduct is being recorded for decisive action on a defaulting agent.

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