The Central Bank of Nigeria (CBN) has warned Nigerians, businesses, financial institutions and other economic stakeholders against rejecting the standard N100 banknote, reiterating that it remains legal tender and that anyone refusing to accept it risks sanctions under the provisions of the CBN Act.
The apex bank issued the clarification on Wednesday following reports that some traders, businesses and members of the public had begun rejecting the standard N100 note over uncertainty surrounding its status after the introduction of the commemorative N100 banknote.
In a statement signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the CBN stressed that both the standard N100 note and the commemorative N100 banknote are valid for transactions across Nigeria.
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“The attention of the Central Bank of Nigeria has been drawn to reports of the rejection of the standard N100 banknote by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status,” the statement said.
“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide.”
The Bank explained that the commemorative N100 banknote, introduced in 2014 to celebrate Nigeria’s centenary, was never intended to replace the existing standard N100 note.
Instead, both versions have circulated side by side since the commemorative note was unveiled to mark 100 years since the amalgamation of Northern and Southern Nigeria in 1914.
The CBN cautioned individuals, businesses, financial institutions and other economic agents against refusing the standard N100 note, describing such actions as a violation of the law that could erode public confidence in the national currency.
“The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 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 clarification comes as the apex bank continues efforts to strengthen confidence in the naira and ensure the smooth circulation of all officially issued banknotes across the country.
Currency experts note that under Nigeria’s legal framework, all banknotes issued by the CBN remain legal tender unless formally withdrawn by the Bank through an official directive. The CBN has not announced the withdrawal or demonetisation of either version of the N100 note.
The Bank reaffirmed its commitment to preserving the integrity of the naira and maintaining public trust in Nigeria’s currency system.
It also urged Nigerians to continue accepting all banknotes legally issued by the CBN for everyday transactions and advised anyone requiring clarification to contact the Bank through its official
