The Central Bank of Nigeria (CBN) has issued a directive mandating all Deposit Money Banks, authorised forex dealers and the public to accept old series and lower denominations of United States Dollar (USD) notes from their customers.
According to the bank, the move comes in response to consumer market intelligence revealing continued rejection of these denominations by banks and authorised forex dealers.
In a circular dated 27 June 2024, signed by Solaja Olayemi, acting director of the currency operations department, the CBN reminded all relevant parties of a previous circular issued on 9 April 2021, which explicitly discouraged the selective acceptance of deposits.
