CBN warns against rejection of standard N100 note

THE Central Bank of Nigeria (CBN) has clarified that both the standard N100 banknote and the commemorative N100 banknote remain legal tender and must be accepted for transactions across Nigeria.

In a statement issued on Wednesday, the apex bank said its attention had been drawn to reports that some members of the public, businesses and other stakeholders were rejecting the standard N100 note over concerns that it had ceased to be legal tender.

The CBN stressed that the commemorative N100 banknote, introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote. It said both versions remain valid for use in all transactions nationwide.

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The bank warned individuals, businesses, financial institutions and other economic agents against refusing to accept the standard N100 note, describing such actions as a violation of the provisions of the CBN Act and one that undermines confidence in the national currency.

According to the apex bank, it will not hesitate to impose appropriate enforcement measures against any individual or organisation found to be rejecting the note in contravention of the law.

The CBN reaffirmed its commitment to safeguarding the integrity of the naira, maintaining public confidence in all duly issued banknotes and ensuring the smooth circulation of currency across the country.

It also urged members of the public to accept and transact with all banknotes legally issued by the CBN and advised anyone seeking clarification to use the bank’s official communication channels.