The Central Bank of Nigeria (CBN) has confirmed that the ₦100 banknote remains legal tender for all transactions and warned that rejecting it is against the law.
In a statement on Wednesday, the apex bank said both the commemorative ₦100 note and the standard ₦100 note are still valid and must be accepted nationwide.
Naija News reports that the clarification followed reports that some members of the public, businesses and other stakeholders were unsure about the status of the standard ₦100 note.
The CBN said the confusion had led to cases where people refused the note in markets and other transactions.
It said such behaviour undermines trust in the national currency and violates provisions of the CBN Act, which makes all banknotes issued by the bank legal tender.
The statement, signed by Acting Director of Corporate Communications, Hakama Sidi-Ali, addressed the concerns directly.
Part of the statement read, “The attention of the Central Bank of Nigeria (CBN) 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.”
“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 bank reminded Nigerians that the commemorative ₦100 note, introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 note.
It warned that rejecting the note is a breach of the CBN Act and could attract enforcement action.
“The commemorative ₦100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote.”
“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.”
