The Central Bank of Nigeria (CBN) has warned individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote, reaffirming that it remains legal tender alongside the commemorative N100 note and must be accepted for all transactions across the country.
The apex bank said the clarification became necessary following reports that some members of the public and businesses had been refusing to accept the standard N100 note due to uncertainty over its legal tender status.
In a statement issued by the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, the bank stressed that both versions of the N100 banknote retain full legal tender status under Nigerian law and remain valid for use in commercial and financial transactions.
“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative ₦100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide.
The commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote,” the statement said.
The CBN warned that rejecting the standard N100 note constitutes a violation of the provisions of the CBN Act and undermines public confidence in the nation’s currency.
It added that it would not hesitate to enforce relevant provisions of the law against any individual or organisation found rejecting the banknote or encouraging practices that disrupt the smooth circulation of the naira.
“The Bank wishes to caution that refusal to accept any banknote issued by the Central Bank of Nigeria as legal tender is contrary to the law. Appropriate enforcement measures will be taken against any person or institution found contravening these provisions,” the statement added.
The clarification follows increasing reports of confusion surrounding the standard N100 note, with some traders and businesses reportedly insisting on accepting only the commemorative version of the denomination.
The commemorative N100 banknote was introduced in 2014 to mark Nigeria’s centenary celebration and features a Quick Response (QR) code as well as enhanced security features. However, the CBN emphasised that its introduction did not invalidate or replace the existing standard N100 banknote, both of which continue to circulate simultaneously.
The apex bank reiterated its commitment to preserving the integrity of the naira and maintaining public confidence in all duly issued Nigerian banknotes.
According to the CBN, ensuring the seamless circulation and acceptance of all legal tender remains a critical component of its mandate to promote an efficient and stable payment system.
The bank also urged Nigerians to continue accepting all banknotes officially issued by the Central Bank of Nigeria and to disregard misinformation capable of disrupting commercial activities or eroding confidence in the country’s currency.
Members of the public seeking further clarification were advised to contact the CBN through its official communication channels.
(The Whistler)