The Central Bank of Nigeria (CBN) issued a warning to Deposit Money Banks and authorized forex dealers, advising them against rejecting old and lower dollar denominations from customers in the country.

According to the apex bank, the directive became necessary as it had received complaints from customers after it conducted consumer market intelligence.

The CBN said all banks and authorised forex dealers should henceforth accept both old series and lower denominations of United States Dollars that are legal tender for deposit from their customers.

The financial regulator warned that sanctions will be meted out on any bank or authorized forex dealer who refuses to accept old series or lower denominations of dollars from their customers.