The Central Bank of Nigeria (CBN) has reaffirmed that both the commemorative N100 banknote and the standard N100 banknote remain legal tender and must be accepted for all transactions across the country. The clarification comes amid reports that some businesses and individuals are rejecting the standard N100 note due to confusion over its legal status.
CBN issues clarification on N100 banknote status
In a statement released on Wednesday, Hakama Sidi Ali, the acting director of corporate communications at the CBN, addressed the growing uncertainty. The bank explained that the commemorative N100 note, introduced to celebrate Nigeria's centenary, did not replace the existing standard N100 banknote. Both versions are equally valid for all transactions.
"For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender and must be accepted for all transactions nationwide," the statement read.
Warning against rejection of legal tender
The CBN cautioned individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such actions, the bank warned, violate the CBN Act and erode public confidence in the national currency.
"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.
CBN reaffirms commitment to currency integrity
The regulator reiterated its dedication to safeguarding the integrity of the naira and maintaining public confidence in all duly issued banknotes. It also emphasized the importance of smooth currency circulation nationwide. The CBN urged the public and all financial stakeholders to accept and transact with all banknotes legally issued by the bank.
This clarification follows reports that some businesses were rejecting the standard N100 note, mistakenly believing it had been phased out. The CBN's warning serves as a reminder that both versions of the N100 banknote remain valid and must be honored in all transactions.
