In a statement on Tuesday, the central bank said all notes issued by the bank remained legal tender.
"The Financial Intelligence Unit (FIU) is investigating cases involving traders who are rejecting $5 notes for payment of goods and services," the lender of last resort said.
"Such conduct is not only counterproductive but also criminal. Those affected or inconvenienced by this malpractice should report to the bank, the FIU or the nearest police station.
"The bank urges all traders to conduct their operations within the confines of the law and respect consumers. The bank advises that all notes issued by the bank and in circulation are still legal tender."
The central bank also recently announced that a new $50 note would be introduced for the convenience of the public.
Last Thursday, the RBZ unveiled its 2021 monetary policy statement which, among other measures, increased daily withdrawal limits to $2 000 up from $1 000, tamed money supply growth with a bank rate policy of up to 40% from 35% and a mid-term lending rate to the productive sector up at 30% from 25%.
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