CBN clarifies standard N100 note remains legal tender, warns against rejection
CBN
Nike Popoola
The Central Bank of Nigeria (CBN) has reaffirmed that both the standard ₦100 banknote and the commemorative ₦100 banknote remain legal tender across the country, warning that the rejection of either note is a violation of the law.
The apex bank issued the clarification on Wednesday following reports that some individuals, businesses and other stakeholders had refused to accept the standard ₦100 banknote over concerns about its validity.
In a statement signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, the CBN stressed that the commemorative ₦100 banknote introduced to mark Nigeria’s centenary did not replace the existing standard ₦100 banknote.
According to the bank, both versions remain valid for all transactions nationwide and should be accepted without discrimination.
“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 said.
The CBN cautioned individuals, businesses, financial institutions and other economic agents against rejecting the standard ₦100 banknote, describing such action as a breach of the provisions of the CBN Act.
It noted that refusing to accept any duly issued legal tender undermines public confidence in the national currency and could disrupt smooth currency circulation within the economy.
The bank warned that it would not hesitate to enforce appropriate sanctions against any person or organisation found violating the law by rejecting the standard ₦100 note.
Reaffirming its commitment to protecting the integrity of the naira, the apex bank said it would continue to ensure confidence in all banknotes it has officially issued while promoting seamless cash transactions across the country.
The CBN urged Nigerians to continue accepting and transacting with all banknotes legally issued by the bank.
It also advised members of the public seeking further clarification on the legal status of any banknote to contact the apex bank through its official communication channels.
