CBN to sanction banks rejecting old dollar notes

Central Bank of Nigeria has warned against the continued rejection of old series and lower denominations of the United States of American Dollars by its regulated entities in Nigeria and have threatened to sanction lenders that rejected the currencies.
This was contained in a circular dated June 27th, signed by the acting director of the currency operations department, Solaja Olayemi, which was recently released on the website of the Apex Bank.
The circular directed at Deposit Money Banks, Bureau De Change operators and the general public cautioned against the continued rejection of the old series and lower denomination of the American greenback.
CBN said the fresh circular followed the outcome of its consumer market intelligence, which revealed the continued rejection of old/lower denominations of Dollar bills by banks and other authorised forex dealers.