The Central Bank of Nigeria has vowed to wield the big stick against any deposit money bank who rejects dirty naira notes brought by their customers for deposits.
Through a circular sent to all DMBs addressing thee matter, the Apex Bank said: “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 circular digned by Ag. Director, Currency Operations Department, Solaja Mohammed J. Olayemi noted that 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 going forward.
According to the CBN, currency in circulation reached a new year high of N3. 4 trillion as of December 11, 2023. This further suggests an increase of N50 billion in less than one month. This trend reveals a deeper behavioural pattern among Nigerians.