The Central Bank of Nigeria (CBN) has reaffirmed that the standard ₦100 banknote remains legal tender and must be accepted for all transactions across the country, warning that rejecting the note is a violation of the law.
Newsonspot reports that the clarification follows reports that some individuals, businesses and financial institutions have refused to accept the standard ₦100 note over concerns about its validity after the introduction of the commemorative ₦100 banknote.
In a statement issued on Wednesday and signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank stressed that both the standard ₦100 note and the commemorative ₦100 banknote remain valid legal tender and should circulate side by side.
According to the CBN, the commemorative ₦100 note, introduced to celebrate Nigeria’s centenary, was never meant to replace the existing standard ₦100 banknote. Instead, both versions have equal legal status and are acceptable for all financial transactions nationwide.
“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative ₦100 banknote and the standard ₦100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide,” the statement said.
The bank cautioned individuals, traders, transport operators, businesses, financial institutions and other economic participants against rejecting the standard ₦100 note, describing such actions as a breach of the provisions of the CBN Act.
It noted that refusing to accept any legally issued Nigerian banknote undermines public confidence in the nation’s currency and could disrupt commercial activities.
The apex bank also warned that it would enforce appropriate sanctions against any person or organisation found violating the law by rejecting the standard ₦100 banknote.
The CBN urged Nigerians to continue accepting both versions of the ₦100 note without discrimination and advised anyone seeking further clarification to contact the bank through its official communication channels.
