In a statement on Thursday, Solaja Olayemi, the acting director of currency operations at the Central Bank of Nigeria (CBN), addressed the issue of Deposit Money Banks (DMBs) rejecting dirty or mutilated Naira banknotes. Olayemi noted that several complaints have been made against banks for this practice.
The CBN emphasized that its circular dated July 2, 2019 (reference number COD/DIR/GEN/CIR/01/006), which outlines penalties for rejecting Naira banknotes, remains in force and must be adhered to by all banks. The apex bank warned that it would impose strict sanctions on any banks found guilty of rejecting Naira deposits from the public.
In addition, on July 2, the CBN issued a warning to banks and authorized foreign exchange dealers against rejecting old series and lower denominations of dollars. This directive follows the discovery, during a consumer market survey, that these types of dollars were still being refused. The CBN stressed that all parties must comply with this instruction, highlighting its disapproval of the selective acceptance of deposits.