CBN reaffirms N100 banknote as legal tender
By Onu Okorie
Central Bank of Nigeria CBN has reaffirmed that the standard ₦100 banknote remains legal tender, warning individuals, businesses and financial institutions against refusing to accept it for transactions across the country.
In a statement issued on Wednesday, the apex bank said its attention had been drawn to reports that some members of the public were rejecting the standard ₦100 note over concerns about its legal status.
The CBN clarified that both the commemorative ₦100 banknote introduced to mark Nigeria’s centenary and the regular ₦100 banknote are valid legal tender and must be accepted nationwide.
It explained that the commemorative note was introduced as a special edition and did not replace the existing standard ₦100 banknote.
The bank cautioned that rejecting the standard ₦100 note constitutes a violation of the provisions of the CBN Act and could undermine public confidence in the national currency.
It warned that appropriate enforcement measures would be taken against any individual or organisation found to be refusing the note in breach of the law.
Reaffirming its commitment to protecting the integrity of the naira and ensuring seamless currency circulation, the CBN urged Nigerians to continue accepting and transacting with all banknotes legally issued by the apex bank.
The statement, signed by Acting Director of Corporate Communications, Hakama Sidi-Ali, also advised members of the public to contact the CBN through its official communication channels for further clarification on the legal status of Nigerian banknotes.
