CBN to sanction banks, BDCs for rejecting outdated, decrease greenback denomination

The Central Financial institution of Nigeria (CBN) has threatened to sanction banks and different overseas alternate sellers that refuse to just accept outdated collection/decrease denominations of U.S. greenback payments from their clients.

In response to a latest round issued by the CBN, the Financial institution had discovered situations of continued rejection of outdated and decrease denominations of greenback notes, which had been condemned in an earlier round issued in 2021.

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“Kindly be reminded that the Central Financial institution of Nigeria round referenced COD/DIR/INT/CIR/001/002, dated ninth April 2021, which explicitly frowned at this selective acceptance of deposit remains to be in pressure and should be adhered to and complied with by all related events,” it said.

The round, signed by Solaja Mohammed Olayemi, Performing Director, Foreign money Operations Division, additional said that the CBN “won’t hesitate to sanction any DMB or authorised foreign exchange sellers who refuse to just accept outdated collection/decrease denominations of US greenback payments from clients.”

The CBN additionally urged all foreign exchange sellers from stamping greenback payments which fail authentication checks throughout sorting.

“All authorised foreign exchange sellers are suggested to desist from defacing/stamping US Greenback banknotes as such at all times fail authentication check throughout processing/sorting,” it stated.

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In April 2021, the CBN issued a round, directing all banks and authorised foreign exchange sellers to just accept each outdated collection/decrease denominations of US {dollars} which might be authorized tender for deposits from their clients.

This was as a consequence of complaints from folks on the rejection of outdated/ decrease denominations of U.S. greenback payments by deposit cash banks and different authorised foreign exchange sellers.