The Central Bank of Nigeria (CBN) has threatened to penalise deposit money banks (DMBs) that reject mutilated naira notes.
In a statement on Thursday
signed by Solaja Olayemi, CBN’s acting director of currency operations
department, the apex bank said several reports have been made against the
banks.
“The Central Bank of Nigeria
(CBN) has received several reports of rejection of dirty/mutilated Naira
banknotes by some Deposit Money Banks (DMBs),” the bank said.
“Consequently, it has become
imperative to remind DMBs that the CBN circular dated July 2, 2019, reference
number COD/DIR/GEN/CIR/01/006, which prescribes penalties for the rejection of
Naira banknotes, is still enforceable and binding on erring DMBs.”
The apex bank said it will not
hesitate to impose strict sanctions on banks reported to have rejected naira
deposits from the public, under any guise.
Also, on July 2, CBN warned
banks and authorised foreign exchange dealers against rejecting old series and lower
denominations of dollars.
The apex bank said all relevant
parties must adhere to and comply with the instruction, emphasising its
disapproval of selective acceptance of deposits.
CBN said it discovered old
series and lower denominations of dollars are still being rejected during a
consumer market survey.
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