Monday, June 5, 2023
  • HOME
  • MARKETS & COMPANIES
  • BUSINESS & ECONOMY
    • AGRO-ECONOMY
    • AVIATION
    • BRANDS
    • CONSUMER GOODS
    • ECONOMY
    • ENERGY
    • ENVIRONMENT
    • FINANCIAL INCLUSION
    • INSURANCE & PENSIONS
    • INVESTMENT
    • MANUFACTURING
    • MARITIME
    • MONEY
    • MSMEs
    • PRODUCT REVIEW
    • ROAD TRANSPORT
    • SMEs
    • STARTUPS
    • TECH
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • FEATURES
  • AE MAGAZINE
  • CORPORATE RENDEZVOUS
Financial Street
No Result
View All Result
  • Setup menu at Appearance » Menus and assign menu to Main Navigation
Financial Street
No Result
View All Result

CBN to sanction banks over dollar rejection

Ehime Alex by Ehime Alex
April 21, 2021
in Front Page, Money
0
Building smarter bank branches
2
SHARES
31
VIEWS
Share on FacebookShare on TwitterShare on LinkedInShare on WhatsApp

The Central Bank of Nigeria says it will sanction Deposit Money Banks and other authorised dealers who reject the old and lower denominations of the United States dollar.

The Nigerian regulatory authority sounded the note of warning in a circular on Tuesday.

READ ALSO

May 25: Why Politics Matters for Africa’s Development

Governance failure kills basic services, says Ezekwesili

It said both the old series and lower denominations of the U.S. dollars were legal tender and should be accepted.

Read Also:

  • Obiano celebrates children, urges parents to prioritise education
    Obiano celebrates children, urges parents to prioritise…

The circular, ‘The Rejection of Old/Lower Denomination of United States Dollar by DMBs/Forex Dealers’, was signed by CBN’s Director of Currency Operations, Ahmed Umar.

“All DMBs/authorised forex dealers should, henceforth, accept both old series and lower denominations of U.S. dollars that are legal tender front their customers.

“The CBN will not hesitate to sanction any DMB or other authorised forex dealers who refuse to accept old series/lower denominations of U.S. dollar bills from their customers,” CBN stated.

It also warned all the authorised forex dealers to desist from defacing or stamping on the U.S. currency banknotes, stating that’such notes always fail authentication tests during processing and sorting.

This warning came on the backdrop of complaints from members of the public about the rejection of old and lower denominations of U.S. dollar bills by DMBs and authorised forex dealers, CBN added.

Tags: BanksCBNDollar bills

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Ehime Alex

Ehime Alex

Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

Related Posts

May 25: Why Politics Matters for Africa’s Development
Front Page

May 25: Why Politics Matters for Africa’s Development

May 26, 2023
failure
Front Page

Governance failure kills basic services, says Ezekwesili

April 28, 2023
Ezekwesili
Front Page

Oby Ezekwesili: The joys of sacrifice

April 25, 2023
Muslim
Front Page

Obiano felicitates with Muslims, urges unity among Nigerians

April 21, 2023
Journey
CONSUMER PERSPECTIVE

Journey so far

April 12, 2023
Bank
CONSUMER PERSPECTIVE

Are digital banks in Nigeria to stay?

April 12, 2023
Next Post
Agents decry operational challenges at PTML

Agents decry operational challenges at PTML


Naira4Dollar Rates
ADVERTISEMENT

RECENT STORIES

Obiano celebrates children, urges parents to prioritise education

Obiano celebrates children, urges parents to prioritise education

May 31, 2023
May 25: Why Politics Matters for Africa’s Development

May 25: Why Politics Matters for Africa’s Development

May 26, 2023
celebrates

Technocracy: Roadmap to successful Nigerian economy

May 19, 2023
failure

Governance failure kills basic services, says Ezekwesili

April 28, 2023
foreign

Eminent Nigerians, foreigners to honour Ezekwesili at birthday symposium

April 26, 2023
Ezekwesili

Oby Ezekwesili: The joys of sacrifice

April 25, 2023
Muslim

Obiano felicitates with Muslims, urges unity among Nigerians

April 21, 2023

TRENDING

  • naira devaluation

    What naira devaluation means for Nigeria’s economy

    0 shares
    Share 0 Tweet 0
  • Impact of fintech on Nigerian economy

    0 shares
    Share 0 Tweet 0
  • Why Nigerian consumers prefer foreign goods

    0 shares
    Share 0 Tweet 0
  • Why big and small businesses are turning to digital marketing

    5 shares
    Share 5 Tweet 0
  • NGOs: Encouraging vocational training beyond formal education

    4 shares
    Share 4 Tweet 0
Financial Street

© Financial Street 2021. All Rights Reserved.

More Links

  • Privacy Policy
  • Terms of Use
  • Contact Us

Follow Us

No Result
View All Result
  • HOME
  • MARKETS & COMPANIES
  • BUSINESS & ECONOMY
    • AGRO-ECONOMY
    • AVIATION
    • BRANDS
    • CONSUMER GOODS
    • ECONOMY
    • ENERGY
    • ENVIRONMENT
    • FINANCIAL INCLUSION
    • INSURANCE & PENSIONS
    • INVESTMENT
    • MANUFACTURING
    • MARITIME
    • MONEY
    • MSMEs
    • PRODUCT REVIEW
    • ROAD TRANSPORT
    • SMEs
    • STARTUPS
    • TECH
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • FEATURES
  • AE MAGAZINE
  • CORPORATE RENDEZVOUS