The Central Bank of Nigeria has reaffirmed that both the standard ₦100 banknote and the commemorative ₦100 banknote remain legal tender, warning that the rejection of either note is a violation of the law and could attract sanctions.
In a statement issued on Wednesday, the apex bank said it had become aware of reports that some individuals, businesses and other stakeholders were refusing to accept the standard ₦100 note over concerns about its legal tender status.
The CBN clarified that the commemorative ₦100 banknote, introduced to mark Nigeria’s centenary, was not intended to replace the existing standard ₦100 note. It stressed that both versions remain valid for all transactions across the country.
The bank cautioned individuals, businesses, financial institutions and other economic agents against rejecting the standard ₦100 banknote, describing such actions as a breach of the provisions of the CBN Act and a practice that undermines public confidence in the national currency.
According to the CBN, it will not hesitate to enforce the relevant provisions of the law against any person or organisation found to be rejecting the note without justification.
The apex bank reiterated its commitment to preserving the integrity of the naira by ensuring public confidence in all duly issued banknotes and promoting the smooth circulation of currency throughout the country.
It urged Nigerians to continue accepting and transacting with all banknotes officially issued by the Central Bank, adding that members of the public seeking further clarification should contact the bank through its official communication channels.
The clarification follows reports of confusion in some quarters over the acceptability of the standard ₦100 note, prompting the CBN to reassure the public that there has been no change to its legal tender status.
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