The Central Bank of Nigeria (CBN) has issued a stern warning against the rejection of the N100 note, reiterating that it remains legal tender and must be accepted for all transactions across the country.
CBN Emphasizes Legal Status of N100 Note
In a statement released on Wednesday, the CBN clarified that the N100 note has not been demonetized and continues to be a valid means of exchange. The bank urged Nigerians to disregard any misinformation suggesting otherwise.
According to the CBN, any individual or business that refuses to accept the N100 note is in violation of the country's monetary laws and could face sanctions. The bank warned that such practices could disrupt economic activities and cause undue hardship to citizens.
Public Urged to Report Non-Compliance
The CBN called on the public to report any instances of rejection of the N100 note to the nearest CBN branch or through its official channels. The bank assured that it would take appropriate action against offenders.
This warning comes amid reports that some traders and businesses have been turning away the N100 note, citing the bank's previous currency redesign policy. However, the CBN clarified that the N100 note was not affected by the redesign and remains in circulation.
The central bank also advised financial institutions to ensure they accept the N100 note for deposits and other transactions, warning that non-compliance would attract regulatory penalties.
Background on Currency Redesign
In late 2022, the CBN redesigned the N200, N500, and N1000 notes, leading to a scarcity of cash and public outcry. The N100 note was not part of the redesign and has continued to be used as legal tender.
The CBN's latest statement aims to dispel any confusion and reassure the public that the N100 note remains valid. The bank emphasized its commitment to maintaining the integrity of the Nigerian currency and ensuring smooth economic transactions.
