Regulatory Alerts2024-07-03 | COD/DIR/INT/CIR/001/018Penalties 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.
Cemtrai Bank of Nigeria Currency Operations Department Plot 33, AbubakarTafawa Balewa Way, Central Business District P.M.B. 0187, Garkl, Abuja - Nigeria.
Email: cod@cbn.gov.ng Website: www.cbn.gov.ng Phone: +234 700-225-5226, +234 800-225-5226 CIRCULAR
Cod/Dir/Int/Cir/001/018 28* June, 2024
- All Deposit Money Banks 2. The General Public PENALTIES FOR REJECTION OF OVERCIRCULATED/MUTILATED BANKNOTES BY DEPOSIT MONEY 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.
Going forward, the Central Bank of Nigeria shall not hesitate to apply strict sanctions on DMBs, who are reported to have rejected deposits of Naira banknotes from the public, under any guise.
Please be guided.^-^ Solaja Mohammed J. Olayemi Ag. Director, Currency Operations Department