The Central Bank of Nigeria has cautioned members of the public, businesses, and financial institutions against rejecting the standard N100 banknotes, stressing that it remains legal tender and that violators risk enforcement measures under the CBN Act. The clarification followed reports that some individuals and businesses had refused to accept the standard N100 note over uncertainty surrounding its legal tender status after the introduction of the commemorative N100 banknote.
The commemorative N100 banknote was introduced by the Central Bank of Nigeria in 2014 to mark Nigeria’s centenary, celebrating 100 years since the country’s amalgamation in 1914. It was issued alongside, not as a replacement for, the existing standard N100 banknote, and both remain legal tender across the country.
In a press statement issued on Wednesday by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank said that both versions of the N100 note remain valid for transactions nationwide.
CBN warned that denying the standard N100 note would violate the CBN Act and advised individuals, companies, financial institutions, and other economic actors not to do so. The apex bank claims that it is still dedicated to protecting the naira's integrity, preserving public trust in all legally printed banknotes, and guaranteeing seamless currency circulation across the country.
As a result, it asked Nigerians to keep using all legitimately issued CBN banknotes for transactions throughout the nation.
Additionally, the bank recommended that anyone looking for more information get in touch with it via its official methods.
