The Central Bank of Nigeria (CBN) has warned members of the public, businesses and financial institutions against rejecting the standard ₦100 banknote, reaffirming that it remains legal tender and must be accepted for transactions across the country.
The clarification follows reports that some Nigerians have refused to accept the standard ₦100 note over uncertainty about its validity following the introduction of the commemorative ₦100 banknote.
In a statement signed by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank said there should be no confusion regarding the status of either version of the currency.
“For the avoidance of doubt, the CBN 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 bank explained that the commemorative ₦100 banknote, introduced to mark Nigeria’s centenary, was never intended to replace the standard ₦100 note. Instead, both versions remain valid and are expected to circulate simultaneously.
The CBN warned that rejecting the standard ₦100 banknote is a violation of the law and could attract sanctions.
“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 statement added.
The apex bank also warned that it “will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.”
It urged traders, transport operators, businesses and all cash users to accept every banknote legally issued by the Central Bank of Nigeria. The CBN further advised members of the public seeking clarification to contact the bank through its official communication channels.
