CBN warns against rejection of standard N100 notes

The Central Bank of Nigeria has warned members of the public, businesses and financial institutions against rejecting the standard N100 banknote, stressing that it remains legal tender and that violators risk sanctions under the CBN Act.

The apex bank issued the clarification on Wednesday following reports that some individuals and businesses had refused to accept the standard N100 note due to uncertainty over its legal status after the introduction of the commemorative N100 banknote.

In a statement signed by its Acting Director of Corporate Communications, Hakama Sidi-Ali, the CBN reaffirmed that both the standard and commemorative N100 banknotes remain valid for transactions across Nigeria.

“The attention of the Central Bank of Nigeria has been drawn to reports of the rejection of the standard N100 banknote by some members of the public, businesses and other stakeholders, apparently due to doubts about its continued legal tender status,” the statement said.

“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide,” it added.

The bank explained that the commemorative N100 note, introduced in 2014 to mark Nigeria’s centenary, was issued alongside the existing standard N100 note and was never intended to replace it.

The CBN warned that refusing to accept the standard N100 banknote contravenes the provisions of the CBN Act and could attract enforcement measures.

“The CBN strongly cautions individuals, businesses, financial institutions and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency. The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” the statement said.

The apex bank reaffirmed its commitment to protecting 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 Nigerians to continue accepting all banknotes legally issued by the CBN for transactions and advised anyone seeking clarification to contact the bank through its official communication channels.