Economy
CBN to sanction banks, BDCs rejecting old, small dollar denominations
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.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means that…you can buy or sell 1 dollar at a certain rate and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to remember that the rate can shift (either upwards or downwards) within hours.
What’s the dollar to naira black market today 3rd April 2025?
The local currency (abokiFx) opened at ₦1,560.00 per $1 at the parallel market, otherwise known as the black market, today, Thursday, 3 April 2025, in Lagos, Nigeria, after it closed at ₦1,550.00 per $1 on Wednesday, 2 April 2025.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate of $1 ₦1,545
Selling Rate of $1 ₦1,555
Please note that Nigeria’s black market dollar-to-naira exchange rate is typically higher than the official exchange rate because the Federal Government does not regulate it. The rates you buy or sell forex may differ from what is captured in this article because prices vary.
What is the official exchange rate for dollar to naira today? Here is the dollar to naira CBN rate today
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate of $1 ₦1,530
Selling Rate of $1 ₦1,531
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Naira appreciated against the dollar on Wednesday at the official foreign exchange market after the Eid-el-Fitr holidays.
The Central Bank of Nigeria’s data showed that the naira strengthened to N1,531.25 per dollar on Wednesday from N1,536.82 recorded last Friday.
This means that the naira gained N5.57 per dollar on a day-to-day basis.
Meanwhile, on the black market, the naira depreciated to N1,555 per dollar on Wednesday from N1,550 traded on Friday before the Eid-el-Fitr holidays.
Meanwhile, recall that over the weekend, the Central Bank of Nigeria announced that the Net Foreign Exchange Reserve, NFER, stood at $23.11 billion, the highest level in over three years.
The Central Bank of Nigeria (CBN) has dismissed claims that it has introduced new N5,000 and N10,000 notes, labeling the reports as false.
In a statement posted on X on Wednesday, the apex bank debunked the rumors, stating: “This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.”
The clarification comes amid widespread misinformation suggesting that the CBN planned to roll out high-denomination banknotes to reduce cash-handling costs and improve liquidity management.
Some versions of the false reports even attributed comments to a supposed Deputy Governor, Dr. Ibrahim Tahir Jr., claiming the notes would be introduced on May 1, 2025.
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