CBN Threatens Sanctions as DMBs Reject Old US Dollar Notes

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The Central Bank of Nigeria (CBN) issued a stern warning on Tuesday to Deposit Money Banks (DMBs) regarding their refusal to accept old and small denominations of United States dollars.

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In a circular referenced COD/DIR/INT/CIR/001/017, the Acting Director of the Currency Operations Department at CBN highlighted that the persistent rejection of old dollar notes by DMBs has contributed to a scarcity of American currency within the country.

Meanwhile, SaharaReporters previously detailed the failure of a controversial naira swap policy initiated by the CBN under the leadership of former Governor Godwin Emefiele. Despite reportedly consuming over N74 billion, the policy has proven ineffective.

As of January 2024, currency in circulation was reported at 3.65 million naira notes, with 89% of this amount outside banks. By February, currency in circulation had increased slightly to 3.69 million naira notes, with 92% circulating outside of banks. This data underscores ongoing challenges in managing currency flows and availability within Nigeria.

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