By G9ija

Today I understood the importance of being informed and I thought of sharing this information. It may be useful to someone.

I went to the bank to deposit USD, unfortunately among the notes is a $100 2003 series. The teller brought out the old series and said they don’t accept it. I have heard of BDC rejecting old notes but for a bank? So I thought I should check what CBN has to say, I googled “old note series CBN”, and found a Memo by CBN that says banks and BDC are not to reject old series or lower denominations.

I quickly informed the teller that there’s a memo to the effect of rejecting old series. The teller said he would have to confirm from his superior, he went ahead to call his boss, the boss came and was like “oh yes, we don’t accept old series”, so I brought out the Memo on my phone and showed it to him and said I need him to confirm that he would not be accepting the old series. He started stuttering and was like he will need to confirm, I said sir this thing is in black and white. I guess he was trying to save face, he went to his desk, made a phone call, then instructed the teller to accept the note.