The Central Bank of Nigeria (CBN) has reaffirmed that the standard ₦100 banknote remains legal tender across the country, warning individuals, businesses and financial institutions against rejecting the currency.
The clarification followed reports that some members of the public and businesses had refused to accept the standard ₦100 note due to uncertainty over its legal status following the introduction of the commemorative ₦100 banknote.
In a statement issued on Wednesday by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank stressed that both the commemorative ₦100 note and the standard ₦100 note remain valid legal tender and must be accepted for all transactions nationwide.
“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 explained that the commemorative ₦100 banknote, introduced to mark Nigeria’s centenary celebration, did not replace the existing standard ₦100 note and therefore does not invalidate its use.
The bank cautioned members of the public, business owners and other economic agents against rejecting the standard ₦100 note, describing such actions as a violation of the provisions of the CBN Act.
According to the apex bank, refusal to accept any legally issued banknote undermines public confidence in the national currency and could attract regulatory sanctions.
“The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” the statement added.
The CBN further reiterated its commitment to safeguarding the integrity of the naira, maintaining confidence in all duly issued banknotes and promoting seamless currency circulation across the country.
It urged Nigerians to continue accepting and transacting with all banknotes legally issued by the Central Bank of Nigeria, while advising members of the public seeking further clarification to contact the bank through its official communication channels.
The clarification comes amid growing reports of confusion in some parts of the country over the validity of older versions of the ₦100 note, prompting the apex bank to reassure the public that both variants remain valid for commercial transactions.
