CBN to sanction Nigerian banks

On Tuesday, the Central Bank of Nigeria (CBN) announced its decision to penalize Deposit Money Banks (DMBs) that refuse to accept old and small denomination U.S. Dollar notes.

This announcement came via a circular issued by the Ag. Director of the Currency Operations Department, referenced as COD/DIR/INT/CIR/001/017.

The circular highlighted that market intelligence has uncovered a persistent trend of DMBs rejecting these Dollar notes, which the CBN has deemed unacceptable.

The apex bank emphasized its commitment to addressing this issue and ensuring compliance among banks.

Further details on the sanctions and measures will be provided in due course.