CBN warns against rejection of N100 notes, affirms legal tender status
.Says standard, commemorative banknotes remain valid for all transactions nationwid
The Central Bank of Nigeria (CBN) has reaffirmed that both the standard ₦100 banknote and the commemorative ₦100 note remain legal tender, warning businesses, financial institutions and members of the public against rejecting either version in commercial transactions.
The apex bank said reports indicating that some traders and businesses had refused to accept the standard ₦100 note were unfounded and contrary to the provisions of the CBN Act, stressing that such practices undermine confidence in the national currency and attract regulatory sanctions.
In a statement issued on Wednesday by its Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, the CBN clarified that the commemorative ₦100 banknote introduced to mark Nigeria’s centenary was never intended to replace the existing standard ₦100 note.
“The attention of the Central Bank of Nigeria has been drawn to reports of the rejection of the standard ₦100 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 emphasised that both versions of the ₦100 denomination remain valid and must be accepted for all payments and commercial transactions across the country.
“The commemorative ₦100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote,” the CBN stated.
The apex bank cautioned individuals, businesses, financial institutions and other economic agents against refusing the standard ₦100 note, describing such action as a violation of the law.
“The CBN strongly cautions individuals, businesses, financial institutions and other economic agents against rejecting the standard ₦100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency,” it said.
The Bank warned that it would enforce the relevant provisions of the law against any individual or organisation found rejecting legally issued Nigerian banknotes.
“The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” the statement added.
The CBN reaffirmed its commitment to preserving the integrity of the naira, sustaining public confidence in all duly issued banknotes and ensuring the smooth circulation of currency throughout the country.
It also urged members of the public to continue accepting and transacting with all banknotes issued by the Central Bank, advising anyone requiring clarification to contact the apex bank through its official communication channels.
About The Author
