CBN sends strong message to banks rejecting mutilated naira notes

The Central Bank of Nigeria (CBN) on Thursday warned sternly Deposit Money Banks (DMBs) rejecting dirty or mutilated Naira notes.

In a statement signed by the acting director of the currency operations department, Solaja Olayemi, the apex bank emphasized that strict penalties will be enforced against banks that fail to accept these notes from the public.

Olayemi said that a lot of displeased consumers have lodged numerous complaints about certain banks’ practices of refusing to accept worn and torn Naira notes.

“The Central Bank of Nigeria has received several reports of rejection of dirty/mutilated Naira banknotes by some Deposit Money Banks,” Olayemi stated.

This issue not only inconveniences the public but also contravenes the guidelines set forth by the CBN.

The CBN reminded banks of the circular issued on July 2, 2019, coded COD/DIR/GEN/CIR/01/006, which outlines the penalties for rejecting Naira banknotes.

“It has become imperative to remind DMBs that the CBN circular is still enforceable and binding on erring DMBs,” the statement read.