The Central Bank of Nigeria (CBN) has warned Nigerians, businesses, financial institutions and other organisations against refusing to accept the standard ₦100 banknote, stressing that it remains legal tender and must be accepted for all transactions nationwide.
The apex bank issued the clarification following reports that some traders and businesses have been rejecting the standard ₦100 note over doubts about its validity, despite its continued recognition as legal tender.
In a statement released by the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali, the bank reaffirmed that both the standard ₦100 note and the commemorative ₦100 note introduced to celebrate Nigeria’s centenary are legally valid and remain in circulation.
According to the CBN, the commemorative ₦100 banknote was introduced as a special edition and was never intended to replace the existing standard ₦100 note.
The bank warned that refusing to accept the standard ₦100 note violates the provisions of the CBN Act and could undermine public confidence in Nigeria’s currency.
It further stated that appropriate legal action would be taken against any individual, business or institution found rejecting the note or promoting practices that disrupt the smooth circulation of the naira.
“The Bank wishes to caution that refusal to accept any banknote issued by the Central Bank of Nigeria as legal tender is contrary to the law. Appropriate enforcement measures will be taken against any person or institution found contravening these provisions,” the statement said.
The CBN noted that confusion over the standard ₦100 note has grown in recent months, with some traders reportedly insisting on accepting only the commemorative version.
Introduced in 2014 to mark Nigeria’s centenary celebration, the commemorative ₦100 note features a Quick Response (QR) code and additional security features. However, the central bank emphasised that its introduction did not invalidate the standard ₦100 note, as both versions remain valid for everyday transactions.
Reaffirming its commitment to safeguarding the integrity of the naira, the CBN urged Nigerians to continue accepting all banknotes officially issued by the bank and to disregard false information capable of disrupting commercial activities or weakening confidence in the nation’s currency.
The apex bank also advised members of the public seeking further clarification to contact the CBN through its official communication channels.
READ ALSO:
- ‘Fame Came at a Cost’ – Mercy Eke Opens Up on Why She Regrets Joining BBNaija
- ‘I’m Alive And Healthy’ – Nollywood Actor Owolabi Ajasa Dismisses Viral Death Rumours
- Shettima Travels To Sierra Leone To Represent Tinubu At ECOWAS Summit
- Christian Groups Oppose Bill Seeking to Penalise Preaching in Commercial Buses
- How Police Tracked and Arrested Alleged PFIPC ‘Fake DG’ Adeniyi Adeyemi
