In a circular dated June 28, 2024, signed by the Acting Director, Currency Operations Department, CBN, Mr. Solaja Mohammed, and made public on the apex bank’s website on Wednesday, it stated that it has received several reports of rejection of dirty/mutilated Naira banknotes by some Deposit Money Banks (DMBs).
The circular reads: “Consequently, it has become imperative to remind DMBs that the CBN circular dated July 2, 2019 reference number COD/DIR.GEN/CIR/01/006, which prescribes penalties for the rejection of Naira banknotes, is still enforceable and binding on erring DMBs.
“Going forward, the CBN shall not hesitate to apply strict sanctions on DMBs, who are reported to have rejected deposits of Naira banknotes from the public under any guise.”
