Economy
CBN to sanction banks, BDCs rejecting old, small dollar denominations
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The Central Bank of Nigeria has warned Deposit Money Banks to stop rejecting old and small denominations of the United States dollar bills.
CBN threatened that there would be sanctions for rejections.
It also urged Bureau De Change operators and the public to desist from defacing the notes.
The CBN issued this warning in a circular signed by the acting Director of the Currency Operations Department of CBN, Solaja Mohammed, with reference: COD/DIR/INT/CIR/001/017 on Tuesday.
It said the directive followed the outcome of a customer market intelligence conducted by the bank which revealed rejection of old/lower denominations of dollar bills by commercial banks and forex traders.
The acting director, recalling a 2021 circular noted, that the bank’s directive which frowns at the selective acceptance of deposits is still in force and must be adhered to by all parties.
The circular read, “The outcome of the consumer market intelligence conducted by the bank revealed the continued rejection of old/lower denominations of United States dollar bills by Deposit Money Banks and other authorised forex dealers.
“Kindly be reminded that the CBN circular referenced COD/DIR/INT/CIR/001/002 and dated 9th April 2021 which explicitly frowned at this selective acceptance of deposit is still in force and must be adhered to and complied with by all relevant parties.
“For the avoidance of doubt and further guidance on the circular, the content is hereby reissued as follows for strict compliance: all DMBs /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 CBN will not hesitate to sanction any DMB or authorised forex dealers who refuse to accept old series/lower denominations of US Dollar bills from their customers.
“In addition, all authorised forex dealers are advised to desist from defacing/stamping US dollar banknotes as such notes always fail authentication tests during processing/sorting. Please note for immediate compliance.”
This development is coming months after the Economic and Financial Crimes Commission began the arrest and prosecution of Nigerians mutilating and defacing the naira.
The United Kingdom has introduced new restrictions on a chemical commonly used in some gel nail polishes amid concerns over its potential impact on fertility and reproductive health.
The restriction targets trimethylbenzoyl diphenylphosphine oxide, commonly known as TPO, a photoinitiator that enables gel polish to harden when exposed to UV light and helps improve its durability and colour retention.
Under the new rules, which took effect on Saturday across England, Wales and Scotland, manufacturers are no longer permitted to place new TPO-containing cosmetic products on the UK market.
However, beauty salons have been given until February 14, 2027, to stop using existing products containing the chemical, meaning customers could still encounter TPO-based gel polishes during the transition period.
The move follows concerns arising from animal studies that have linked TPO exposure to possible reproductive and fertility problems. The European Union introduced a similar prohibition in September 2025.
The restrictions have nevertheless attracted debate within the cosmetics industry. The Cosmetic, Toiletry and Perfumery Association has maintained that the concentration of TPO used in nail products is significantly lower than levels associated with harmful effects.
The UK decision is therefore expected to intensify discussions within the beauty industry over whether precautionary restrictions should take priority where potential reproductive risks remain under investigation.
Investors in the Nigerian stock market recorded a cumulative loss of N5.45 trillion as the equities market extended its bearish run to an eighth consecutive session at the close of trading session on Thursday night, August 20..
Equities listed on the Nigerian Exchange Limited, NGX, have continued to experience significant declines since Tuesday, August 11, 2026 but last week, investors on the NGX lost N3.8 trillion in four consecutive bearish sessions.
From Monday to Thursday this week, stocks on the NGX have lost a total of N1.65 trillion meaning that the combined losses recorded over the last eight trading sessions amounted to N5.45 trillion, wiping out previous gains in the market.
The market extended its bearish run on Thursday as investors lost N440 billion, driven by continued profit-taking in large- and mid-cap stocks.
Market capitalisation declined by 0.30 per cent, or N440 billion, from N155.417 trillion at the opening of trading to N154.977 trillion at the close.
The Naira yesterday depreciated to N1,405 per dollar in the parallel market from N1,400 per dollar on Wednesday.
But the naira appreciated to N1,347.5 per dollar in the Nigerian Foreign Exchange Market, NFEM.
Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,347.5 per dollar from N1,351 per dollar on Wednesday, indicating N3.5 appreciation for the naira.
Consequently, the margin between the parallel and official markets widened to N57.5 per dollar from N49 per dollar on Wednesday.
The interbank turnover at NFEM rose by 0.22 percent to N371.8 million yesterday from N370.98 million the previous day.
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