The CBN has warned Nigerians, businesses and financial institutions against rejecting the standard N100 banknote, insisting it remains legal tender alongside the commemorative version
CBN Moves Against Rejection of Standard N100 Note, Says Both Versions Are Legal Tender
The Central Bank of Nigeria has warned Nigerians, businesses and financial institutions against rejecting the standard N100 banknote, insisting that it remains legal tender and must be accepted for all transactions nationwide.
The apex bank issued the clarification following reports that some Nigerians had refused to accept the regular N100 note over uncertainty created by the circulation of the commemorative N100 banknote.
In a statement issued in Abuja on Thursday by its Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, the CBN said there should be no confusion over the status of either banknote, stressing that both are valid and recognised under the law.
“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 bank said.
It explained that the commemorative N100 banknote, introduced to mark Nigeria’s centenary, was not designed to replace the standard N100 note, adding that both versions are expected to circulate side by side.
The CBN warned that rejecting the standard N100 note violates the provisions of the CBN Act and weakens public confidence in the national currency.
“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,” it said.
The bank added that it “will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.”
Reaffirming its commitment to protecting the integrity of the naira, the CBN said all banknotes officially issued by the bank deserve equal recognition and acceptance. It urged traders, transport operators, businesses and other cash users to accept every CBN-issued banknote and advised anyone seeking further clarification to use its official communication channels.
