The Central Bank of Nigeria (CBN) has reaffirmed that both the standard N100 banknote and the commemorative N100 note remain legal tender, warning that the rejection of either denomination violates the law and could attract regulatory sanctions.
The clarification follows reports that some individuals, businesses and other economic operators have been refusing to accept the standard N100 note over concerns about its legal status.
In a statement issued on Wednesday by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the apex bank dismissed the claims, stressing that the commemorative N100 banknote introduced to mark Nigeria’s centenary did not replace the existing standard N100 note.
“For the avoidance of doubt, both the commemorative N100 banknote and the standard N100 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 stakeholders against rejecting the standard N100 note, describing the practice as a violation of the provisions of the CBN Act and a threat to public confidence in the national currency.
The Bank warned that it would not hesitate to invoke appropriate enforcement measures against any person or organisation found rejecting the note without lawful justification.
It reiterated its commitment 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.
The apex bank therefore urged Nigerians to accept and transact with all banknotes officially issued by the CBN, adding that members of the public seeking further clarification should contact the Bank through its official communication channels.
