Rita Odafe
The Central Bank of Nigeria (CBN) has cautioned deposit money banks (DMBs) about turning away mutilated naira notes.
According to a statement by Solaja Olayemi, the acting director of the currency operations department at CBN, the apex bank has received numerous complaints about this issue.
The CBN stated that it has received reports of DMBs rejecting dirty or mutilated naira banknotes.
As a result, it is reminding DMBs of a circular dated July 2, 2019, which outlines penalties for refusing naira banknotes. The CBN emphasized that this circular is still valid and will be enforced.
The apex bank warned that it would take firm action against banks found to be rejecting naira deposits from the public.
In addition to the warning on mutilated naira notes, on July 2, CBN cautioned banks and authorized foreign exchange dealers against refusing older series and lower denominations of US dollars.
The CBN stressed that all parties involved must follow these directives and expressed disapproval of selectively accepting deposits.
During a consumer market survey, the CBN observed that older series and lower denominations of US dollars were still being turned away.
