The Central Bank of Nigeria (CBN) has warned Nigerians, businesses and financial institutions against refusing to accept the standard N100 banknote, stressing that it remains valid legal tender and must be accepted for transactions nationwide.
The warning followed reports that some members of the public and businesses had started rejecting the standard N100 note due to confusion over its status following the introduction of the commemorative N100 banknote.
The commemorative N100 note was launched by the CBN in 2014 as part of activities marking Nigeria’s centenary anniversary, which commemorated 100 years since the country’s amalgamation in 1914.
The apex bank clarified that the note was introduced alongside the existing N100 currency and was not meant to replace it.
In a statement issued on Wednesday by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the CBN maintained that both the standard and commemorative versions of the N100 banknote remain valid and acceptable for all transactions.
“The attention of the Central Bank of Nigeria has been drawn to reports of the rejection of the standard N100 banknote by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status,” the statement said.
The bank added, “For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide.”
The CBN further explained that “the commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote.”
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The apex bank cautioned individuals, businesses, financial institutions and other economic operators against rejecting the standard N100 note, warning that such action violates provisions of the CBN Act.
“The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote.
Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.
The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” the statement read.
The bank said it would continue to protect the integrity of the naira, promote confidence in officially issued currencies and ensure effective circulation of banknotes across the country.
It urged Nigerians to continue accepting all banknotes issued by the CBN for legitimate transactions and advised those requiring additional information to reach out through its official communication channels.