2024-07-03 | COD/DIR/INT/CIR/001/018

Penalties for Rejection of Over Circulated/Mutilated Banknotes by Deposit Money Banks

The Central Bank of Nigeria (CBN) has issued a reminder to Deposit Money Banks (DMBs) about the penalties for rejecting dirty or mutilated Naira banknotes, as outlined in a previous CBN circular from 2019. The CBN will enforce strict sanctions on DMBs that reject deposits of Naira banknotes from the public. Solaja Mohammed J. Olayemi, the Ag. Director of the Currency Operations Department, emphasizes the importance of complying with these regulations.

Nigeria

Central Bank of Nigeria

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