BREAKING: CBN Threatens Sanctions on Banks Rejecting Old, Small Denomination US Dollars

The Central Bank of Nigeria (CBN) has issued a warning to Deposit Money Banks (DMBs) to accept old and small denominations of the United States Dollar, threatening sanctions for non-compliance. In a circular issued by the Acting Director of Currency Operations Department, reference COD/DIR/INT/CIR/001/017, the apex bank expressed dismay over the continued rejection of these notes, which it deemed unacceptable. The CBN’s market intelligence revealed this practice, prompting the warning to banks to adhere to the directive or face consequences.”