Rita Odafe
The Central Bank of Nigeria (CBN) announced its intention to impose penalties on Deposit Money Banks (DMBs) for refusing to accept old and small denominations of US Dollars.
A circular released by the Acting Director of the Currency Operations Department at CBN, referenced as COD/DIR/INT/CIR/001/017, stated that intelligence reports from the market indicated an ongoing trend of rejection of these specific Dollar notes, which the CBN deemed as unacceptable.
Further details to follow…
