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 all transactions across the country.
The clarification follows reports that some Nigerians have refused to accept the standard ₦100 note due to uncertainty over 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 both versions of the currency remain valid.
“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 designed to replace the standard ₦100 note. Instead, both banknotes are expected to circulate simultaneously as legal tender.
The apex bank warned that refusing to accept the standard ₦100 note is a violation of the provisions of the CBN Act 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.
It 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 safeguarding the integrity of Nigeria’s currency, promoting confidence in all duly issued banknotes and ensuring the smooth circulation of cash nationwide.
It also urged traders, transport operators, businesses and members of the public to accept every banknote legally issued by the Central Bank of Nigeria and advised anyone seeking further clarification to contact the bank through its official communication channels.