CBN Warns Nigerians Against Rejecting N100 Notes

(CBN Governor, Olayemi Cardoso. Photo Credit: TVC News)

The Central Bank of Nigeria has warned members of the public, businesses and financial institutions against rejecting the standard N100 banknote, stressing that it remains legal tender and that violators risk enforcement measures under the CBN Act.

The clarification followed reports that some individuals and businesses had refused to accept the standard N100 note over uncertainty surrounding its legal tender status following the introduction of the commemorative N100 banknote.

The commemorative N100 banknote was introduced by the CBN in 2014 to mark Nigeria’s centenary, celebrating 100 years since the country’s amalgamation in 1914.

It was issued alongside, rather than as a replacement for, the existing standard N100 banknote, with both remaining legal tender across the country.

In a press statement issued on Wednesday by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank said both versions of the N100 note remain valid for transactions nationwide.

The statement noted that the CBN’s attention had been drawn to reports of the rejection of the standard N100 banknote by some members of the public, businesses and other stakeholders, apparently over doubts about its continued legal tender status.

The bank reiterated, for the avoidance of doubt, that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide, explaining that the commemorative note, introduced to mark the country’s centenary, did not replace the existing standard N100 banknote.

The CBN cautioned individuals, businesses, financial institutions and other economic agents against refusing the standard N100 note, warning that such conduct violates the provisions of the CBN Act and undermines confidence in the national currency.

It stated that it would not hesitate to apply appropriate enforcement measures against any person or entity found in breach.

According to the apex bank, it remains committed to safeguarding the integrity of the naira, maintaining public confidence in all duly issued banknotes and ensuring smooth currency circulation nationwide.

It therefore urged Nigerians to continue accepting all banknotes legally issued by the CBN for transactions across the country, advising members of the public seeking further clarification to reach out through its official communication channels.