CBN Insists Standard ₦100 Note Remains Legal Tender, Warns Against Rejection

The Central Bank of Nigeria (CBN) has clarified that the standard ₦100 banknote remains legal tender and must continue to be accepted for all transactions across the country, warning individuals and businesses against rejecting the note.

The clarification follows reports that some members of the public, businesses, and other stakeholders have refused to accept the standard ₦100 banknote over concerns about its legal tender status.

In a statement issued on Wednesday by the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, the apex bank said both the commemorative ₦100 banknote introduced to mark Nigeria’s centenary and the regular ₦100 banknote are valid legal tender.

According to the CBN, the commemorative ₦100 note was introduced solely to celebrate Nigeria’s centenary and was never intended to replace the existing standard ₦100 banknote. The Bank stressed that both versions remain in circulation and are legally acceptable for all financial transactions nationwide.

The apex bank cautioned individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 note, describing such actions as a violation of the provisions of the CBN Act and harmful to public confidence in the nation’s currency.

The CBN warned that it would not hesitate to enforce the law against any person or organisation found to be rejecting the standard ₦100 banknote, noting that appropriate sanctions would be applied to offenders.

Reaffirming its commitment to preserving the integrity of the Naira, the Bank said it would continue to ensure public confidence in all duly issued banknotes while promoting the smooth circulation of currency throughout the country.

The CBN also urged members of the public to continue accepting and transacting with all banknotes legally issued by the Bank and advised anyone seeking further clarification to contact the apex bank through its official communication channels.