July 8 (THEWILL) — The Central Bank of Nigeria (CBN) has confirmed that the standard ₦100 banknote remains a valid legal tender in Nigeria.
It cautioned individuals, businesses, financial institutions, and other economic agents against rejecting it for transactions, warning that they could face enforcement measures for doing so.
The clarification was issued on Wednesday following reports that some members of the public and business operators had refused to accept the standard ₦100 note, citing concerns over its legal tender status.
In a statement signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, the CBN reiterated that both the standard ₦100 banknote and the commemorative ₦100 banknote, introduced to mark Nigeria’s centenary, are valid and must be accepted for all transactions nationwide.
The bank explained that the commemorative ₦100 banknote was introduced solely to celebrate Nigeria’s centenary and was never intended to replace the existing standard ₦100 banknote.
“The Central Bank of Nigeria 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 said.
The CBN emphasised that rejecting the standard ₦100 banknote violates the provisions of the CBN Act and undermines public confidence in the national currency.
It warned that it would not hesitate to enforce appropriate measures against anyone or any organization found rejecting the banknote.
“The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” the statement added.
Reaffirming its commitment to maintaining the integrity of the naira, the CBN stated that it will continue to ensure confidence in all duly issued banknotes and promote smooth currency circulation across the country.
The bank urged the public to accept and transact with all banknotes issued by the Central Bank of Nigeria, whether they are standard or commemorative editions.
Additionally, it advised Nigerians seeking clarification on the status of any banknote to contact the bank through its official communication channels.
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