CBN warns against rejecting standard N100 notes

The Central Bank of Nigeria (CBN) has warned members of the public, businesses and financial institutions against rejecting the standard ₦100 banknote, reaffirming that it remains legal tender and must be accepted for transactions across the country.

The clarification follows reports that some Nigerians have refused to accept the standard ₦100 note due to uncertainty surrounding its validity after the introduction of the commemorative ₦100 banknote.

In a statement signed by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank stressed that there should be no confusion over the status of either version of the currency. “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 read.

The CBN explained that the commemorative ₦100 banknote, introduced to mark Nigeria’s centenary, was not intended to replace the standard ₦100 note. Instead, both versions remain valid and are expected to circulate simultaneously. The bank warned that rejecting the standard ₦100 banknote is a violation of the law and could attract sanctions.

“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,” the statement added. The apex bank further warned that it “will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.”

According to the CBN, maintaining public confidence in the naira remains one of its core responsibilities, noting that every banknote officially issued by the bank deserves equal recognition and acceptance. The bank reaffirmed its commitment to protecting the integrity of Nigeria’s currency, ensuring confidence in all duly issued banknotes and supporting the smooth circulation of cash nationwide.

It urged traders, transport operators, businesses and all users of cash to accept every banknote legally issued by the Central Bank of Nigeria. The CBN also advised members of the public seeking further clarification to contact the bank through its official communication channels.