The Central Bank of Nigeria (CBN) has assured Nigerians that the standard ₦100 banknote remains legal tender, warning individuals and businesses against rejecting it for transactions.
In a statement issued by the Director of Corporate Communications, Hakama Sidi-Ali, the apex bank said it had received reports that some individuals, businesses and other stakeholders were refusing to accept the standard ₦100 note due to concerns over its legal status.
The CBN clarified that both the standard ₦100 banknote and the commemorative ₦100 note introduced to mark Nigeria’s centenary remain valid for all transactions nationwide.
According to the bank, the commemorative ₦100 note was issued solely to commemorate Nigeria’s centenary and was never designed to replace the existing standard ₦100 banknote.
The apex bank cautioned individuals, businesses, financial institutions and other economic agents against rejecting the standard ₦100 note, stressing that such actions contravene the provisions of the CBN Act and undermine 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,” the statement said.
The CBN reiterated its commitment to protecting the integrity of the naira, maintaining public confidence in all officially issued banknotes and ensuring smooth currency circulation across the country.
It urged members of the public to accept and use all banknotes legally issued by the CBN and advised anyone seeking further clarification to contact the bank through its official communication channels.
“Accordingly, members of the public are urged to accept and transact with all banknotes legally issued by the Central Bank of Nigeria.
“For further clarification, members of the public are also advised to contact the CBN through its official communication channels,” the statement added.
