By Emma Ujah, Abuja Bureau Chief
The Central Bank of Nigeria(CBN) has threatened to sanction Deposit Money Banks (DMBs) for rejecting old and small denominations of the United States of America Dollars.
In a circular issued by the Ag. Director, Currency Operations Department, CBN, Mr. Mohammed Solaja, the apex bank said its market intelligence had revealed the continued rejection of the affected Dollar notes, which it described as unacceptable.
According to the CBN its earlier circular number COD/DIR/INT/001//002, dated April 9, 2021 remained in force and its provisions would be applied against any bank or authorised foreign dealer who contravened the guidelines.
The bank, in the new circular, dated June 27, 2024, which was seen by Vanguard yesterday, insisted that all parties must adhere to its directives.
