The Central Bank of Nigeria (CBN) has clarified that both the commemorative ₦100 banknote and the standard ₦100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide.
The clarification follows reports of the rejection of the standard ₦100 banknote by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status.
In a statement on Wednesday by the CBN’s Ag. Director, Corporate Communications,
Hakama Sidi-Ali, the commemorative ₦100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote.
The CBN strongly cautioned individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 banknote.
It noted that such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency, adding that it would not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.
The Bank said it remains committed to safeguarding the integrity of the Naira, ensuring confidence in all duly issued banknotes, and promoting smooth currency circulation across the country.
While advising members of the public to accept and transact with all banknotes legally issued by it, the CBN also urged members of the public to contact the bank through its official communication channels.
