CBN Warns Against Rejection of Standard N100 Note, Insists It Remains Legal Tender
The Central Bank of Nigeria (CBN) has warned members of the public, businesses, financial institutions and other stakeholders against rejecting the standard ₦100 banknote, stressing that it remains legal tender and that anyone found refusing to accept it risks sanctions under the law.
The apex bank issued the warning in a statement on Tuesday amid reports that some traders and businesses have declined to accept the standard ₦100 note, apparently believing that only the commemorative version issued to mark Nigeria’s centenary is valid.
The CBN clarified that both the standard ₦100 banknote and the commemorative ₦100 banknote remain valid legal tender and should be accepted for all transactions across the country.
According to the Bank, the commemorative ₦100 note was introduced to celebrate Nigeria’s 100 years as a nation and was never intended to replace the existing standard ₦100 note.
“The Central Bank of Nigeria wishes to clarify that the standard ₦100 banknote and the commemorative ₦100 banknote remain legal tender and should be accepted for all transactions,” the statement said.
The CBN noted that rejecting any officially issued naira banknote violates the provisions of the Central Bank of Nigeria Act and undermines confidence in the country's currency.
It warned that individuals, businesses and financial institutions that refuse to accept the standard ₦100 note could face appropriate enforcement measures in line with the law.
The Bank also directed deposit money banks and other financial institutions to continue issuing the standard ₦100 banknote through their branches and Automated Teller Machines (ATMs), while urging Nigerians to disregard misinformation suggesting that the note has been withdrawn from circulation.
The apex bank reaffirmed its commitment to maintaining the integrity of the naira and ensuring the smooth circulation of all legally issued banknotes, calling on the public to continue accepting every denomination approved by the CBN without discrimination.
The clarification comes as the regulator intensifies efforts to address misinformation surrounding the status of some naira notes and to preserve public confidence in Nigeria’s currency.
