The Central Bank of Nigeria (CBN) has warned Nigerians, businesses, and financial institutions against rejecting the standard ₦100 banknote, reaffirming that it remains legal tender and that refusal to accept it could result in enforcement measures under the law.
The clarification follows reports that some traders, businesses, and members of the public had begun rejecting the standard ₦100 note based on the mistaken belief that it was no longer valid after the introduction of the commemorative ₦100 banknote.
CBN reiterates legal status of both ₦100 banknotes
In a statement signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank stressed that both the standard ₦100 banknote and the commemorative ₦100 banknote are legal tender and must be accepted for all transactions across Nigeria. 'For the avoidance of doubt, the CBN hereby reiterates that both the commemorative ₦100 banknote and the standard ₦100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide,' the statement read.
The CBN explained that the commemorative ₦100 banknote, introduced in 2014 to mark Nigeria's centenary, did not replace the existing standard ₦100 banknote. Instead, both versions were issued to circulate alongside each other and remain valid for payments nationwide.
Rejection violates CBN Act, warns bank
The apex bank cautioned that refusing to accept the standard ₦100 note constitutes a breach of the CBN Act and undermines public confidence in the national currency. 'The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency,' Sidi-Ali said.
The bank added that it 'will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.' While it did not specify particular penalties, it warned that violators could face sanctions under the law.
Public confusion prompts clarification
The CBN said the clarification became necessary to address growing confusion among the public regarding the legal status of the standard ₦100 note and urged Nigerians to disregard misinformation suggesting it had been withdrawn from circulation.
Reaffirming its commitment to maintaining confidence in the naira, the bank urged traders, transport operators, retailers, financial institutions, and the general public to continue accepting all banknotes legally issued by the CBN for transactions across the country. It also advised Nigerians seeking clarification on currency-related matters to rely only on its official communication channels.
