By Our Reporter
The Central Bank of Nigeria (CBN) has issued a warning to banks against rejecting dirty and mutilated Naira notes, stating that any bank found guilty will face strict sanctions.
In a circular dated June 28, 2024, signed by the Acting Director of the Currency Operations Department, Mr. Solaja Mohammed, and published on the CBN’s website on Wednesday, the apex bank noted that it had received numerous reports of Deposit Money Banks (DMBs) rejecting dirty or mutilated Naira notes.
The circular stated: “It has become imperative to remind DMBs that the CBN circular dated July 2, 2019, reference number COD/DIR.GEN/CIR/01/006, which prescribes penalties for the rejection of Naira banknotes, is still enforceable and binding on erring 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.”