The Central Bank of Nigeria has reaffirmed that the standard ₦100 banknote remains legal tender and must be accepted for all transactions across the country.
The clarification was contained in a statement issued on Wednesday by the Acting Director of Corporate Communications, Hakama Sidi-Ali, following reports that some members of the public and businesses were rejecting the note over concerns about its validity.
According to the CBN, both the commemorative ₦100 note introduced to mark Nigeria’s centenary and the standard ₦100 note remain valid legal tender.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to reports of the rejection of the standard ₦100 banknote by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status.
“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative ₦100 banknote and the standard ₦100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide.
“The commemorative ₦100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote,” the statement read.
The apex bank warned individuals, businesses, financial institutions and other economic agents against refusing the standard ₦100 note, saying such actions violate the provisions of the CBN Act and undermine confidence in the national currency.
“The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 banknote.
“Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.
“The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” it stated.
The CBN reiterated its commitment to protecting the integrity of the naira, maintaining public confidence in all duly issued banknotes and ensuring smooth currency circulation nationwide.
It also urged members of the public to accept all banknotes legally issued by the bank and advised anyone seeking further clarification to use its official communication channels.
