BREAKING: CBN To Sanction Nigerian Banks

The Central Bank of Nigeria (CBN), disclosed plans on Tuesday, to sanction Deposit Money Banks (DMBs) for rejecting old and small denominations of the United States of America Dollars.

In a circular issued by the Ag. Director of Currency Operations Department of CBN, with reference: COD/DIR/INT/CIR/001/017, the apex bank said its market intelligence had revealed the continued rejection of the affected Dollar notes, which it described as unacceptable.

Details later…