The Central Bank of Nigeria (CBN) has reaffirmed that both the standard ₦100 banknote and the commemorative ₦100 note remain valid legal tender and must be accepted for all transactions nationwide.
The clarification was issued on Wednesday in a statement signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, following reports that some individuals and businesses had refused to accept the standard ₦100 note over concerns about its legal status.
According to the apex bank, the commemorative ₦100 note introduced to mark Nigeria’s centenary was never intended to replace the existing standard ₦100 banknote, as both versions continue to circulate legally.
The CBN warned members of the public, businesses, financial institutions, and other economic operators against rejecting the standard ₦100 note, stressing that such actions violate the provisions of the CBN Act and undermine public confidence in the nation’s currency.
The bank cautioned that anyone found refusing the note could face appropriate enforcement measures in line with the law.
Part of the statement reads: “The attention of the Central Bank of Nigeria has been drawn to reports that some members of the public, businesses, and other stakeholders are rejecting the standard ₦100 banknote due to uncertainty about its legal tender status.
“For the avoidance of doubt, both the commemorative ₦100 banknote and the standard ₦100 banknote remain legal tender in Nigeria and must be accepted for all transactions across the country.
“The commemorative ₦100 banknote introduced to celebrate Nigeria’s centenary did not replace the standard ₦100 note.
“The CBN strongly advises individuals, businesses, financial institutions, and all economic agents to desist from rejecting the standard ₦100 banknote, as doing so is contrary to the provisions of the CBN Act and weakens confidence in the national currency.”
