The Central Bank of Nigeria (CBN) on Tuesday threatened to sanction banks and other foreign exchange dealers that refuse to accept old series/lower denomination of U.S dollar bills from their customers.
This was disclosed in a circular to all banks in a circular to all banks, Bureau De Change (BDC) operators and the general public and signed by Ahmed Umar, director of currency operations.
The CBN has in recent time received Complaints from the members of the public on the rejection of old/ lower denomination of U.S dollar bills by deposit money banks and other authorised forex dealers.
Consequently, the CBN has directed all banks and authorised forex dealers to henceforth accept both old series/lower denomination of US dollars that are legal tender for deposit from their customers.
The circular also advised all authorised forex dealers to desist from defacing/stamping US dollar Banknotes as such notes always fall authentication test during processing/sorting.
Nigeria’s currency on Tuesday weakened against the dollar at all market segments due to increased demand amid improved dollar liquidity.
At the parallel market, Naira depreciated by 0.82 percent to N486 per dollar on Tuesday from N482 it has traded since April 12, 2021.
Naira also weakened marginally by 0.08 percent as dollar was quoted at N410.67k on Tuesday as against N410.33k quoted on Monday at the Investors and Exporters (I&E) forex window, data from the FMDQ indicated.
The local currency steadied at N482 at the Bureau De Change segment of the foreign exchange market.
