Bukola Afeni
The Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains legal tender, warning individuals and businesses against refusing to accept it for transactions.
The apex bank issued the clarification on Wednesday following reports that some members of the public and business operators had rejected the standard N100 note over concerns about its validity.
According to the CBN, both the standard N100 note and the commemorative N100 banknote introduced to mark Nigeria’s centenary are recognised as legal tender and should be accepted across the country.
“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 said.
The CBN explained that the commemorative note was introduced to celebrate Nigeria’s centenary and was never intended to replace the existing standard N100 banknote.
The bank cautioned that rejecting the standard N100 note violates the provisions of the CBN Act and could attract regulatory sanctions.
“The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote,” the statement read.
It added that it would “not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.”
The apex bank said it remains committed to protecting the integrity of the naira and ensuring the smooth circulation of all duly issued banknotes.
It also advised members of the public seeking further clarification to contact the bank through its official communication channels.
