Central Bank issues stern warning to businesses and public rejecting the standard N100 banknote
The Central Bank of Nigeria (CBN) has fired back at reports of widespread rejection of the standard N100 note, insisting the banknote remains fully legal tender and must be accepted for all transactions across the country.
In a firm statement issued yesterday by its Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, the apex bank expressed concern over growing confusion among the public, businesses, and financial institutions regarding the currency’s status.
The clarification comes amid reports that some Nigerians were turning away the standard N100 note, apparently under the mistaken belief that it had been replaced by the commemorative centenary version.
“For the avoidance of doubt,” the CBN declared, “both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide.”
The bank emphasized that the centenary commemorative note introduced to mark Nigeria’s 100-year anniversary was never intended to replace the existing standard N100 banknote. Both versions coexist as valid currency.
In a warning that signals zero tolerance for the practice, the CBN cautioned that rejecting the standard N100 note constitutes a violation of the CBN Act and undermines public 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 read, putting businesses and financial institutions on notice.
The apex bank reaffirmed its commitment to safeguarding the integrity of the Naira and ensuring smooth currency circulation nationwide, urging all economic agents to accept all legally issued banknotes.
