The Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains a valid legal tender across the country, warning individuals, businesses and financial institutions against refusing to accept it for transactions.
The apex bank issued the clarification following reports that some members of the public had been rejecting the standard N100 note over concerns that it was no longer recognised as legal tender.
In a statement signed by its Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, the CBN stressed that both the standard N100 banknote and the commemorative N100 banknote introduced during Nigeria’s centenary celebrations remain valid and acceptable for all financial transactions nationwide.
According to the bank, the commemorative N100 note was introduced solely to commemorate Nigeria’s 100th anniversary and was never intended to replace the existing standard N100 note.
“The commemorative N100 banknote did not replace the existing standard N100 banknote,” the CBN stated.
The regulator noted that recent cases of rejection of the standard note have created unnecessary confusion and could undermine public confidence in the country’s currency if not addressed promptly.
It therefore urged Nigerians to continue accepting all duly issued N100 banknotes without discrimination.
The CBN further warned that refusing to accept the standard N100 note constitutes a violation of the provisions of the CBN Act.
It said the apex bank would not hesitate to invoke appropriate enforcement measures against any individual, business organisation or financial institution found rejecting the note.
According to the bank, confidence in the national currency is essential for maintaining a stable and efficient payment system.
It added that every banknote officially issued by the Central Bank retains its legal tender status unless formally withdrawn through established regulatory procedures.
The apex bank also reaffirmed its commitment to protecting the integrity of the naira and ensuring smooth circulation of currency across the economy.
The clarification comes amid growing reports of traders and some businesses declining to accept the standard N100 note, apparently believing that only the commemorative version remains valid.
The CBN described such practices as unlawful and capable of disrupting commercial activities.
It therefore advised members of the public to disregard misinformation regarding the status of the standard N100 banknote.
The bank also encouraged Nigerians seeking further clarification to contact the CBN through its official communication channels.
The latest clarification is expected to restore confidence among consumers and businesses while reinforcing the legal status of all duly issued N100 banknotes circulating within the Nigerian economy.
