Nigeria: CBN Warns Banks Against Rejecting Dirty/Mutilated Naira Notes

3 July 2024
Vanguard (Lagos)
By Emma Ujah

The Central Bank of Nigeria (CBN) has warned Deposit Money Bank (DMBs) against rejecting dirty and mutilated Naira banknotes from depositors.

In circular posted on its website this evening, the apex bank threatened to apply strict penalties against any DMB found to be rejecting such notes.

The circular signed by the Director of Currency Operators, Mr. Mohammed Solaja, referenced: COD/DIR/INT/CIR/001/018 and dated June 28, 2024 reads in full, "The central bank of Nigeria had received several reports of rejection of dirty/ mutilated naira bank notes by some deposited money bank (DMB's)

"Consequently, it has become imperative to remind DMB's that the CBN circular dated July 2 2019, reference number COD/DIR/GEN/CIR/01/006 which prescribes penalties for the rejection of naira bank notes is still enforceable and binding on erring DMB's.

"Going forward, the Central Bank of Nigeria shall not hesitate to apply strict sanctifications on DMB's who are reported to have rejected deposits of naira bank notes from the public, under any guise."

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