UPDATED: Stop rejecting standard N100 banknote, CBN warns Nigerians

The Central Bank of Nigeria (CBN) has cautioned the public, businesses, and other stakeholders against rejecting the standard ₦100 banknote, describing such actions as a violation of the CBN Act that could undermine confidence in the national currency.

In a strongly worded statement, the apex bank said its attention had been drawn to reports of widespread rejection of the standard ₦100 note by some members of the public and commercial entities, apparently due to misconceptions about its 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 statement read.

The CBN clarified that the commemorative ₦100 banknote, introduced to mark Nigeria’s centenary celebrations, did not replace the existing standard ₦100 banknote.

Signed by Hakama Sidi-Ali (Mrs.), Acting Director of Corporate Communications, the statement warned that any rejection of the standard ₦100 note constitutes a breach of the provisions of the CBN Act.

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

The CBN reaffirmed its commitment to safeguarding the integrity of the Naira and ensuring the smooth circulation of all duly issued banknotes across the country.

It urged members of the public to accept and transact freely with all banknotes legally issued by the Central Bank of Nigeria.

For further clarification, the public was advised to contact the CBN through its official communication channels.