The Central Bank of Nigeria (CBN) has reiterated that both the Standard and commemorative ₦100 Banknotes are valid legal tenders and must not be rejected.
The CBN noted that 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 is wrong and must stop.
“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”, a statement by Mrs. Hakama Sidi-Ali, the Ag. Director, Corporate Communications said.
“The commemorative ₦100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote”, the statement clarified.
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 Apex Bank said it “will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.”
“The Bank remains committed to safeguarding the integrity of the Naira, ensuring confidence in all duly issued banknotes, and promoting smooth currency circulation across the country”, the statement assured, adding that members of the public are urged to accept and transact with all banknotes legally issued by the Central Bank of Nigeria.
