CBN warns against rejection of standard ₦100 note, says it remains legal tender

The Central Bank of Nigeria, CBN, has assured Nigerians that the standard ₦100 banknote remains legal tender, warning that anyone rejecting it for transactions is violating the law.

In a statement by the Director of Corporate Communications, Hakama Sidi-Ali, the apex bank said its attention had been drawn to 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 both the standard ₦100 banknote and the commemorative ₦100 banknote introduced to mark Nigeria’s centenary remain valid for all transactions across the country.

According to the bank, the commemorative ₦100 note was issued to celebrate Nigeria’s centenary and was never intended to replace the existing standard ₦100 banknote.

The apex bank cautioned individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 note, stressing that such actions violate the provisions of the CBN Act and erode public confidence in the national currency.

“The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” the statement said.

The CBN reiterated its commitment to safeguarding the integrity of the naira, maintaining public confidence in all duly issued banknotes, and ensuring seamless currency circulation nationwide.

It urged members of the public to accept and transact with all banknotes legally issued by the Central Bank of Nigeria and advised anyone seeking clarification to contact the bank through its official communication channels.

“Accordingly, members of the public are urged to accept and transact with all banknotes legally issued by the Central Bank of Nigeria.

“For further clarification, members of the public are also advised to contact the CBN through its official communication channels.”