The Central Bank of Nigeria, CBN, has informed banks and licenced Bureau De Change Operators that it would not hesitate to apply sanctions against them if they reject both old series and lower denominations of the United States dollar from their customers.
The development was triggered by complaints over rejection of lower denomination of dollar and lower series of the dollar by authorised dealer.
CBN issued the directive in a statement on Wednesday.
The country had been faced with huge dollar scarcity which is hitting hard on business activities and the value of the naira.
It said, “All DMBs/authorised forex dealers should henceforth accept both old series and lower denominations of United States Dollars that are legal tenders for deposit from their customers.
“The CBN will not hesitate to sanction any DMB or other authorised forex dealers who refuse to accept old series/lower denominations of US Dollar bills from their customers.”
The bank also warned dealers and banks to stop defacing or stamping bank notes as the notes fail authentication test during processing.
“All authorised dealers are advised to desist from defacing/stamping US Dollar Banknotes as such notes always fail authentication test during processing/sorting.”