Nigeria Stopping the Rejection of Old or Torn USD Notes Underlines Why Crypto Is a Better Reserve Currency

The Central Bank of Nigeria disclosed that institutions that refuse to accept the old series/lower denominations U.S. dollar bills from their customers will be sanctioned”

The CBN issued a circular through Ahmed Umar, a director in the CBN’s Currency Operations Department that it has been brought to its notice from members of the public on the rejection of such notes by banks.

Furthermore, the CBN warned against the same institutions to cease the practice of defacing/stamping USD notes as these “always fail authentication tests during processing or sorting.”

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