The Central Bank of Nigeria ,CBN, has warned that henceforth, any deposit money banks found rejecting old and small denominations of the United States dollars would be sanction.
A circular by the CBN acting Director of currency operations, with reference: COD/DIR/INT/CIR/001/017, said intelligence gathered revealed that commercial banks has been rejecting old or small denomination of the US dollars.
Although the CBN did not make explicit statement on the matter, neither did it open a channel through which bank customers can lodge a complaint, it however described the practice as unacceptable, warning it would sanction banks for such practice.
Details soon….
