The Central Bank of Nigeria (CBN) has reaffirmed that both the standard ₦100 banknote and the commemorative ₦100 banknote remain legal tender and must be accepted for all transactions across the country.
News Point Nigeria reports that the clarification was contained in a statement issued by the Acting Director of Corporate Communications of the Central Bank of Nigeria, Mrs. Hakama Sidi-Ali, following reports that some members of the public, businesses and other stakeholders have been rejecting the standard ₦100 note over uncertainty regarding its legal tender status.
According to the apex bank, the statement became necessary in response to growing concerns over the rejection of the standard ₦100 banknote in commercial transactions.
The CBN stressed that the commemorative ₦100 banknote, introduced to mark Nigeria’s centenary celebration, did not replace the existing standard ₦100 banknote.
“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 commemorative ₦100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote,” the statement read.
The apex bank warned individuals, businesses, financial institutions and other economic agents against rejecting the standard ₦100 note, describing such actions as a violation of the provisions of the CBN Act.
It further stated that refusing to accept the banknote undermines public confidence in the national currency and the country’s financial system.
The CBN cautioned that it would not hesitate to invoke appropriate enforcement measures against any individual or organisation found violating the law by rejecting the standard ₦100 banknote.
The bank also reaffirmed its commitment to protecting the integrity of the naira, maintaining public confidence in all duly issued banknotes and ensuring the seamless circulation of currency across the country.
It urged Nigerians to continue accepting and transacting with all banknotes legally issued by the Central Bank of Nigeria.
The apex bank further advised members of the public seeking additional clarification on the matter to contact the CBN through its official communication channels.
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