By 
The Central Bank of Nigeria (CBN) has issued a stern warning to banks and foreign exchange dealers, instructing them to cease the selective rejection of old and lower denomination US dollar bills from customers.
In a recent circular, the CBN reiterated that all financial institutions must adhere to its April 2021 directive, which prohibits discriminatory practices against any form of US dollar bills recognized as legal tender.
The regulator expressed concern over ongoing reports of such rejections, underscoring that all USD bills must be accepted for deposit without exception. The CBN emphasized that this directive is aimed at ensuring uniformity and fairness in the handling of foreign currency deposits across Nigeria.
Additionally, banks and forex dealers have been instructed to avoid defacing or stamping USD banknotes, as this practice can cause authentication issues during processing.
This measure is part of the CBN’s efforts to address public complaints and to ensure that customers can deposit US dollar bills without facing unnecessary obstacles. The CBN has urged all parties involved to comply immediately with this directive to avoid penalties and to maintain operational standards.
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