The Central Bank of Nigeria (CBN) has reaffirmed that the standard ₦100 banknote remains legal tender across the country, warning that its rejection by individuals, businesses and institutions violates the law.
The clarification follows reports that some members of the public have refused to accept the standard ₦100 note over concerns about its legal tender status following the introduction of the commemorative ₦100 banknote issued to mark Nigeria’s centenary.
In a statement signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, the apex bank stressed that “both the commemorative ₦100 banknote and the standard ₦100 banknote are valid legal tender and must be accepted for all transactions nationwide.”
The CBN explained that the commemorative ₦100 note was introduced to celebrate Nigeria’s centenary and did not replace the existing standard ₦100 banknote.
The Bank cautioned individuals, businesses, financial institutions and other economic agents against rejecting the standard ₦100 note, noting that such action contravenes the provisions of the CBN Act and undermines public confidence in the national currency.
It warned that appropriate enforcement measures would be taken against any person or organisation found violating the law.
The apex bank reaffirmed its commitment to protecting the integrity of the naira, maintaining confidence in all duly issued banknotes and ensuring the smooth circulation of currency across 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 use its official communication channels.
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