Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains legal tender across the country, warning that individuals, businesses and institutions that reject it are acting contrary to the law.
The clarification is contained in a statement issued on Wednesday in Abuja by the Acting Director of Corporate Communications at the CBN, Mrs Hakama Sidi-Ali.
The apex bank said the statement became necessary following reports that some members of the public had refused to accept the standard N100 banknote over concerns about its legal tender status after the introduction of the commemorative N100 note issued to mark Nigeria’s centenary.
According to the bank, both the commemorative N100 banknote and the standard N100 banknote remain valid legal tender and should be accepted for all transactions nationwide.
It explained that the commemorative N100 note was introduced solely to celebrate Nigeria’s centenary and was not intended to replace the existing standard N100 banknote.
The CBN cautioned individuals, businesses, financial institutions and other economic operators against rejecting the standard N100 note, stressing that such actions violate the provisions of the CBN Act and undermine public confidence in the nation’s currency.
The bank warned that appropriate enforcement measures would be taken against any individual or organisation found violating the law.
It reiterated its commitment to protecting the integrity of the naira, maintaining public confidence in all duly issued banknotes and ensuring the seamless circulation of currency across the country.
The apex bank also urged Nigerians to continue accepting and transacting with all banknotes legally issued by the CBN and advised members of the public seeking further clarification to use its official communication channels.
