The Central Bank of Nigeria (CBN) has threatened to penalise deposit money banks (DMBs) that reject mutilated naira notes.
CBN’s acting director of currency operations department, Solaja Olayemi made this known in a statement.
Olayemi said several reports have been made against the banks.
“The Central Bank of Nigeria (CBN) has received several reports of rejection of dirty/mutilated Naira banknotes by some Deposit Money Banks (DMBs).”
“Consequently, 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,” the apex bank said.
