The Central Bank of Nigeria (CBN) has issued a stern warning to banks in Nigeria, cautioning them against rejecting dirty and mutilated Naira banknotes.

In a recent circular, the CBN emphasised that any Deposit Money Bank (DMB) found guilty of refusing these banknotes will face strict sanctions, as outlined in previous directives.

The circular, signed by Mr. Solaja Mohammed, Acting Director of the Currency Operations Department, reaffirms the enforceability of penalties for such rejections, originally set out in a 2019 directive.

This move aims to ensure that all Nigerian banks comply with regulations and accept all forms of legal tender from the public without exception.

Additionally, the CBN recently admonished banks and bureau de change operators regarding the rejection of old series and lower denominations of US Dollars, signaling its commitment to maintaining currency integrity across different denominations.