By Deborah Nnamdi
The Central Bank of Nigeria (CBN) has warned members of the public, businesses and financial institutions against rejecting the standard N100 banknote, stressing that it remains a valid legal tender across the country.
The apex bank issued the clarification on Wednesday following reports that some Nigerians had refused to accept the standard N100 note due to uncertainty over its validity after the introduction of the commemorative N100 banknote.
In a statement signed by the Acting Director of Corporate Communications, Hakama Sidi Ali, the CBN said there should be no confusion over the status of either version of the currency, noting that both the commemorative and standard N100 banknotes are legally recognised and must be accepted for all transactions nationwide.
The bank stated, “For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide.”
According to the CBN, the commemorative N100 banknote, introduced to mark Nigeria’s centenary, was never intended to replace the standard ₦100 note. Rather, both versions were designed to circulate simultaneously.
The apex bank warned that rejecting the standard N100 note violates the provisions of the CBN Act and undermines public confidence in the national currency.
“The CBN strongly cautions individuals, businesses, financial institutions and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency,” the statement added.
The bank further warned that it would not hesitate to take appropriate enforcement action against any individual or organisation found violating the law.
Reaffirming its commitment to maintaining confidence in the naira, the CBN said all banknotes officially issued by the apex bank deserve equal recognition and acceptance.
It added that it remains committed to safeguarding the integrity of the national currency, ensuring confidence in all duly issued banknotes and supporting the smooth circulation of cash across the country.
The CBN therefore urged traders, transport operators, businesses and all cash users to accept every banknote legally issued by the bank and advised members of the public seeking further clarification to use its official communication channels.
