The Central Bank of Nigeria (CBN) has directed commercial banks across the country to accept dirty and mutilated naira notes from customers.
This directive was issued in a circular dated June 28, 2024, signed by Mr. Solaja Mohammed, Acting Director of the Currency Operations Department at CBN, and published on the apex bank’s website on Wednesday, July 3.
The CBN stated that it has received several reports of rejection of dirty/mutilated Naira banknotes by some Deposit Money Banks (DMBs). Punch reports.
In the circular, CBN emphasized that all denominations of the naira remain legal tender regardless of their condition.
The directive mandates banks to accept these notes and send them to the CBN for processing and replacement.
The circular reads:
“Consequently, it has become imperative to remind Deposit Money Banks (DMBs) that the CBN circular dated 2 July 2019, reference number COD/DIR.GEN/CIR/01/006, which prescribes penalties for the rejection of naira banknotes, remains enforceable and binding on any non-compliant DMBs.
“Going forward, the CBN shall not hesitate to apply strict sanctions on DMBs reported to have rejected deposits of naira banknotes from the public under any guise.”
Similarly, TheNGblog reported that the CBN had warned banks and Bureau de Change (BDC) operators against the continued rejection of old series and lower denominations of the United States of American dollars.
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