The Central Bank of Nigeria (CBN) has issued a strong warning to Deposit Money Banks (DMBs) over the refusal to accept dirty or mutilated Naira notes. In a statement released on Thursday by Solaja Olayemi, the acting director of the currency operations department, the CBN emphasized that banks rejecting such notes will face strict penalties.
The CBN highlighted numerous consumer complaints about banks refusing to accept worn and torn Naira notes. “The Central Bank of Nigeria has received several reports of rejection of dirty/mutilated Naira banknotes by some Deposit Money Banks,” Olayemi stated.
This issue inconveniences the public and violates the guidelines set by the CBN. The bank reminded DMBs of the circular issued on July 2, 2019, coded COD/DIR/GEN/CIR/01/006, which details the penalties for rejecting Naira banknotes.
“It has become imperative to remind DMBs that the CBN circular is still enforceable and binding on erring DMBs,” the statement read.
The CBN also reiterated its stance on the acceptance of U.S. dollar deposits, particularly old series and lower denominations, which some banks and authorized foreign exchange dealers have been rejecting. This selective acceptance was highlighted in a recent consumer market survey conducted by the CBN.
The apex bank warned that it will not hesitate to impose sanctions on banks that continue to reject Naira deposits for any reason. The CBN emphasized the importance of adhering to guidelines to ensure smooth and fair banking operations for all Nigerians.
