The Central Bank of Nigeria has reaffirmed that the standard ₦100 banknote remains legal tender, warning individuals, businesses and financial institutions against refusing it for transactions.
The apex bank issued the clarification following reports that some Nigerians have been rejecting the standard ₦100 note over uncertainty created by the circulation of the commemorative ₦100 banknote introduced to mark Nigeria’s centenary.
In a statement signed by its Acting Director of Corporate Communications, Hakama Sidi Ali, the CBN stated that both the commemorative and standard ₦100 banknotes are valid legal tender and should be accepted for all transactions nationwide.
The bank explained that the commemorative note was introduced to celebrate Nigeria’s centenary and was never intended to replace the standard ₦100 note, stressing that both versions are expected to circulate side by side.
The CBN warned that refusing to accept the standard ₦100 banknote contravenes the provisions of the CBN Act, undermines public confidence in the national currency and could attract enforcement measures against offenders.
It also urged traders, transport operators, businesses and other cash users to accept all banknotes officially issued by the Central Bank, advising members of the public to seek clarification through the bank’s official communication channels where necessary.
