#100 Notes Remain Legal Tender, CBN Insists
The Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains legal tender, directing members of the public, businesses and financial institutions to immediately stop rejecting the note.
The apex bank issued the clarification following reports that some traders, businesses and individuals had refused to accept the standard N100 note over claims that it had been withdrawn from circulation. It described the reports as false and urged Nigerians to disregard the misinformation.
In a statement issued in Abuja, the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, said the rejection of the N100 note stemmed from widespread misconceptions surrounding the commemorative N100 banknote introduced to mark Nigeria’s centenary.
She explained that the commemorative note was never intended to replace the standard N100 banknote, stressing that both versions remain valid legal tender and must be accepted for all transactions across the country.
“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 read.
Sidi-Ali 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 commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote.”
The CBN warned that rejecting any legally issued banknote is a violation of the CBN Act and undermines public confidence in the nation’s currency.
It cautioned individuals, businesses, financial institutions and other economic operators against refusing the standard N100 note, adding that appropriate sanctions would be imposed on anyone found violating the law.
“The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” the statement added.
The apex bank also reassured Nigerians of its commitment to maintaining the integrity of the naira and ensuring the smooth circulation of all valid banknotes.
It urged members of the public to continue accepting and transacting with all banknotes legally issued by the Central Bank of Nigeria.