The Central Bank of Nigeria (CBN) has reaffirmed that the standard ₦100 banknote remains legal tender across the country, warning individuals and businesses against refusing to accept it for transactions.
In a statement issued on Tuesday by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the apex bank said its attention had been drawn to reports that some members of the public, businesses, and other stakeholders were rejecting the standard ₦100 note over concerns about its validity.
The CBN clarified that both the standard ₦100 banknote and the commemorative ₦100 note introduced to mark Nigeria’s centenary remain valid legal tender and should be accepted for all transactions nationwide.
According to the bank, the commemorative ₦100 note was introduced as a special edition and did not replace the existing standard ₦100 banknote.
“The Central Bank of Nigeria 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 statement read.
The apex bank warned that rejecting the standard ₦100 note is a violation of the provisions of the CBN Act and could undermine public confidence in the national currency.
It further cautioned that it would not hesitate to enforce appropriate sanctions against any individual, business, financial institution, or other entity found violating the law by refusing the banknote.
The CBN reiterated its commitment to safeguarding the integrity of the naira, ensuring public confidence in all duly issued banknotes, and promoting seamless currency circulation across the country.
The bank also urged Nigerians to continue accepting all banknotes legally issued by the CBN and advised members of the public seeking further clarification to contact the bank through its official communication channels.
