The Central Bank of Nigeria (CBN) has warned members of the public, businesses, financial institutions and other economic agents against rejecting the standard ₦100 banknote, reiterating that it remains legal tender and must be accepted for all transactions across the country.
The apex bank issued the clarification on Wednesday following reports that some individuals and businesses had refused to accept the standard ₦100 note due to uncertainty over its validity after the introduction of the commemorative ₦100 banknote.
In a statement signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the CBN stressed that both the standard and commemorative ₦100 notes remain valid legal tender and are recognised for use in all financial transactions nationwide.
“The attention of the Central Bank of Nigeria has been drawn to reports of the rejection of the standard ₦100 banknote by some members of the public, businesses and other stakeholders, apparently due to doubts about its continued legal tender status,” the statement said.
The CBN explained that the commemorative ₦100 banknote, introduced in 2014 to mark Nigeria’s centenary celebration, was issued alongside the existing standard ₦100 note and was never intended to replace it.
According to the bank, both versions continue to circulate legally and possess the same monetary value under Nigerian law.
The apex bank warned that refusing to accept the standard ₦100 note constitutes a violation of the Central Bank of Nigeria Act, adding that appropriate enforcement measures would be taken against individuals or organisations found to be contravening the law.
“The CBN strongly cautions individuals, businesses, financial institutions and other economic agents against rejecting the standard ₦100 banknote. Such rejection constitutes a violation of 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,” the statement added.
The CBN also urged Nigerians to continue accepting all banknotes officially issued by the Bank for payments and commercial transactions, regardless of whether they are commemorative or standard editions.
