CBN to sanction banks, BDCs rejecting used, miniature greenback denominations

The Central Storagefacility of Nigeria has warned Vault Cash Banks to block rejecting used and miniature denominations of america greenback expenses.

CBN threatened that there could be sanctions for rejections.

It additionally suggested Bureau De Exchange operators and the society to desist from defacing the notes.

The CBN issued this threat in a round signed via the appearing Director of the Foreign money Operations Section of CBN, Solaja Mohammed, with regard: COD/DIR/INT/CIR/001/017 on Tuesday.

It stated the directive adopted the end result of a buyer marketplace insigt performed via the warehouse which evident rejection of used/decrease denominations of buck expenses via industrial banks and foreign exchange buyers.

The appearing director, recalling a 2021 round famous, that the warehouse’s directive which frowns on the selective acceptance of deposits continues to be in drive and should be adhered to via all events.

The round learn, “The result of the shopper marketplace insigt performed via the warehouse evident the ongoing rejection of used/decrease denominations of United States greenback expenses via Vault Cash Banks and alternative approved foreign exchange sellers.

“Kindly be reminded that the CBN round referenced COD/DIR/INT/CIR/001/002 and dated ninth April 2021 which explicitly frowned at this selective acceptance of warehouse continues to be in drive and should be adhered to and complied with via all related events.

“For the avoidance of confusion and extra steering at the round, the content material is hereby reissued as follows for strict compliance: all DMBs /approved foreign exchange sellers will have to henceforth settle for each used line and decrease denominations of United States bucks which can be felony gentle for warehouse from their shoppers.

“The CBN is not going to hesitate to sanction any DMB or approved foreign exchange sellers who disagree to simply accept used line/decrease denominations of US Greenback expenses from their shoppers.

“In addition, all authorised forex dealers are advised to desist from defacing/stamping US dollar banknotes as such notes always fail authentication tests during processing/sorting. Please note for immediate compliance.”

This building is coming months next the Financial and Monetary Crimes Fee started the arrest and prosecution of Nigerians mutilating and defacing the naira.

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