CBN mandates banks, BDCs, other forex dealers to accept all dollar bills from customers

Charles Abuede

Following series of complaints reaching the desk of Nigeria’s central bank governor over the rejection of the dollar bills by all authorised foreign exchange dealers in the country, the apex bank in a circular on Tuesday, signed by Ahmed Umar, Director, Department of Currency and Operations at the CBN has mandated deposit money banks, Bureau De Change Operators and every other authorised Foreign exchange dealers to accept all old or lower denominations of the US dollar bills that are legal tender for deposit from customers.

According to the circular by the apex bank, it revealed that it has been inundated by the general public in recent times about this happening stating that it will sanction any dealer or deposit money that rejects the dollar bill from customers. It also stated that it will not hesitate to sanction any dealer or bank who fails to accept the old series or the lower denominations of the bills from their customers.

Meanwhile, the CBN on stating the need for strict compliance to the circular or mandate to these dealers in the forex market, it also advised the authorised foreign exchange dealers to desist from defacing or stamping the US dollar banknotes as such notes do not successfully pass through the authentication test during the sorting process.