CBN warns against rejecting standard ₦100 note

….Says it remains legal tender

The Central Bank of Nigeria (CBN) has reaffirmed that the standard ₦100 banknote remains legal tender across the country, warning individuals and businesses against rejecting it for transactions.

The clarification followed reports that some members of the public, businesses and other stakeholders had refused to accept the standard ₦100 note over concerns that it had lost its legal tender status after the introduction of the commemorative ₦100 banknote.

In a press statement issued on Wednesday by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank said both the standard and commemorative ₦100 banknotes remain valid and must be accepted for all transactions nationwide.

The CBN explained that the commemorative ₦100 banknote, introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 note.

“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 statement said.

The bank cautioned individuals, businesses, financial institutions and other economic agents against rejecting the standard ₦100 note, stressing that such action contravenes 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 warned.

The apex bank said it remains committed to safeguarding the integrity of the naira, maintaining public confidence in all duly issued banknotes and ensuring the smooth circulation of currency across the country.

It urged Nigerians to continue accepting and transacting with all banknotes legally issued by the Central Bank of Nigeria and advised members of the public seeking further clarification to contact the bank through its official communication channels.