There is a disturbing development in the financial sector as banks and Bureau de Change (BDC) have continued to reject the United States dollar bill, to the consternation of customers.
Investigations by Nigerian Tribune showed that banks and BDCs no longer accept dollars printed earlier than 2006 without cogent excuse, thereby causing untold hardship to importers and Nigerians making foreign trip abroad.
When the issue first came up some months ago, US Embassy in Nigeria said US government recognizes notes produced by the country as legal tender, stating that the government does not have hand in the rejection.
The Embassy said it was the handiwork of some banks and businesses abroad that chose to accept the most recently produced US currency.
Some of the bank customers that spoke with Nigerian Tribune said the banks explained that old dollars bills are no longer accepted as they could not pass through the machine, directing them to seek further clarifications from either the Central Bank of Nigeria (CBN).or US Embassy.
The rejection exercise was also witnessed in all forex dealers’ spots visited by Nigerian Tribune.
One of the customers who simply identified himself as Yomi Adeyanju told Nigerian Tribune that when he was turned back in his bank with head office in Victoria Island, he went to two other banks and suffered the same fate.
“I had gone to make transaction in my bank with dollars but to my surprise, I was turned back on the excuse that they were printed in 2004. I went to other banks and suffered the same fate. The only explanation the bank official gave me was that the dollar is old and cannot pass through their machines,” he said.
Efforts to get CBN’s opinion proved abortive. However, a senior official of the apex bank who craved for anonymity confirmed the development, stressing that it had nothing to do with the CBN.
He explained that if such directive is from CBN, there would have been circular or directive to that effect, stressing that it was banks and currency dealers’ affairs.
However, renowned BDC operator and Managing Director, HJ Trust and Investment Limited, Mr. Harrison Owoh told Nigerian Tribune that there was no basis for rejecting the old dollar, stating that it was a Nigerian issue and not a global action.
According to him, US government prints its currency yearly to stay ahead counterfeiters, noting that some banks and BDCs are rejecting the bills because they are of the opinion that the old bills are prone to easy counterfeiting.
“It is Nigeria affairs. US upgrade its currency annually with new features to stay ahead counterfeiters. This is what is being misunderstood by banks and businesses at both ends. In US, no currency is rejected on the basis of the year it was printed,” he said.
He maintained that his company still accepts the dollar bills no matter the year it was printed, urging all relevant authorities to intervene and douse the current tension surrounding the rejection.
Source: Tribune
