The Central Bank of Nigeria (CBN) has reaffirmed that both the standard ₦100 banknote and the commemorative ₦100 note remain legal tender, warning that rejecting either note is a violation of the law and undermines confidence in the nation's currency.
The clarification is contained in a statement signed by Hakama Sidi-Ali (Mrs.), Acting Director of Corporate Communications, who said the apex bank had received reports that some individuals, businesses, and financial institutions were rejecting the standard ₦100 banknote over doubts about its legal tender status.
The CBN explained that the commemorative ₦100 banknote, introduced to mark Nigeria's centenary, did not replace the existing standard ₦100 note, stressing that both banknotes remain valid for all transactions across the country.
The Bank warned that any individual, business, or financial institution that refuses to accept the notes risks enforcement actions, as such conduct contravenes the provisions of the CBN Act.
The apex bank reiterated its commitment to safeguarding the integrity of the naira and ensuring the smooth circulation of all duly issued banknotes.
The CBN therefore urged members of the public to freely accept and transact with all CBN-issued banknotes and advised anyone seeking further clarification to contact the Bank through its official communication channels.
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