Banking

CBN rule on rejection of old and lower dollar notes

CBN rule on rejection of old and lower dollar notes

There’s this practice in which most Nigerian banks do not accept old dollar notes in event you want to pay such notes into your domiciliary account.

While this practice is as old as most bank tellers, they are strictly ignorant of the effect of this action neither are they aware of the CBN’s position on rejection of old dollar notes.

Funny enough most of their supervisors who are supposed to know better back them up in this rejection spree.

Thus the need for orientation for the Nigerian bank staff.

But the point is this, most times some of these mushroom policies are made in the branches locally thereafter the front tellers are compelled to implement them by their stiff neck supervisors.

Kindly find the below memo by CBN on rejection of old dollar notes, thereafter hold any teller by his/her jugular to accept your dollar deposit.

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