The Central Bank of Nigeria, CBN, has clarified that both the standard ₦100 banknote and the commemorative ₦100 banknote remain legal tender and must be accepted for all transactions nationwide.
In a press statement signed by Hakama Sidi Ali, Ag. Director, Corporate Communications, the CBN said its attention was drawn to reports of some members of the public, businesses and other stakeholders rejecting the standard ₦100 note due to doubts 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 Bank explained that the commemorative ₦100 note, which was issued to mark Nigeria’s centenary, did not replace the existing standard ₦100 note.
The CBN strongly cautioned individuals, businesses, financial institutions and other economic agents against rejecting the standard ₦100 banknote.
It noted that such rejection “constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.” The Bank added that it “will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.”
The CBN said it remains committed to safeguarding the integrity of the Naira and promoting smooth currency circulation across the country.
“Accordingly, members of the public are urged to accept and transact with all banknotes legally issued by the Central Bank of Nigeria,” the statement said.
The public was also advised to contact the CBN through its official communication channels for further clarification.
