By Nchetachi Chukwuajah
The Central Bank of Nigeria (CBN) has warned members of the public, businesses, and financial institutions against rejecting the standard N100 banknote, stressing that it remains legal tender.
In a press statement issued on Wednesday, July 8, by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the CBN said those rejecting the standard N100 banknotes risk enforcement measures under the CBN Act.
The CBN’s clarification followed reports that some individuals and businesses had refused to accept the standard N100 note over uncertainty surrounding its legal tender status after the introduction of the commemorative N100 banknote.
The apex bank introduced the commemorative N100 banknote in 2014 to mark Nigeria’s centenary, celebrating 100 years since the country’s amalgamation in 1914.
It stressed that the commemorative N100 banknote was issued alongside, and not as a replacement for, the existing standard N100 banknote, noting that both banknotes remain legal tender and valid for transactions across the country.
“The attention of the Central Bank of Nigeria has been drawn to reports of the rejection of the standard N100 banknote by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status.
“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide. The commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote.
“The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency. The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” the statement read.
The apex bank reiterated its commitment to safeguarding the integrity of the naira, maintaining public confidence in all duly issued banknotes, and ensuring smooth currency circulation nationwide.
The CBN further urged Nigerians to continue accepting all banknotes legally issued by the CBN for transactions across the country.
The bank also advised members of the public seeking further clarification to contact it through its official communication channels.
