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 and that violators risk enforcement measures under the CBN Act.
This is coming on the heels of 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 commemorative N100 banknote was introduced by the Central Bank of Nigeria in 2014 to mark Nigeria’s centenary, celebrating 100 years since the country’s amalgamation in 1914.
It was issued alongside, not as a replacement for, the existing standard N100 banknote, and both remain legal tender across the country.
In a statement issued on Wednesday by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank insisted that both versions of the N100 note remain valid for transactions nationwide.
“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,” the statement said.
The bank added, “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.”
It explained that “the commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote.”
The CBN cautioned individuals, businesses, financial institutions and other economic agents against refusing the standard N100 note, warning that such actions violate the provisions of the CBN Act.
“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.
According to the apex bank, it remains committed to safeguarding the integrity of the naira, maintaining public confidence in all duly issued banknotes and ensuring smooth currency circulation nationwide.
It, therefore, urged Nigerians to continue accepting all banknotes legally issued by the CBN for transactions across the country.
