CENTRAL BANK OF NIGERIA WARNS BANKS AGAINST CONTINUED REJECTION OF OLD SERIES AND LOWER DENOMINATIONS OF THE UNITED STATES DOLLAR.

The Central Bank of Nigeria has warned against the continued rejection of old series and lower denominations of the United States dollars by its regulated entities in Nigeria.
The apex bank threatened to sanction lenders that rejected the currencies. This was contained in a circular dated June 27, signed by the acting director of the currency operations department, Solaja Olayemi.

The circular directed at Deposit Money Banks, Bureau De Change operators and the general public cautioned against the continued rejection of the old series and lower denomination of the American dollar.

CBN said the fresh circular followed the outcome of its consumer market intelligence, which revealed the continued rejection of old/lower denominations of dollar bills by banks and other authorized forex dealers.

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