By Samuel Akpan
The Central Bank of Nigeria (CBN) has cautioned Nigerians against rejecting the standard N100 banknote, declaring it legal tender and vowing to enforce the CBN Act against violators following reports of refusals sparked by the commemorative N100 note.
The clarification was contained in a statement issued on Wednesday by the Acting Director of Corporate Communications, Hakama Sidi-Ali.
“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 commemorative N100 note was introduced in 2014 to mark Nigeria’s centenary, marking 100 years since the 1914 amalgamation.
It was issued alongside the existing standard N100 note and was never intended to replace it.
The CBN explained that the commemorative version “did not replace the existing standard N100 banknote,” stressing that both versions have always been valid for everyday transactions across the country.
“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 read.
The apex bank said it remains committed to protecting the integrity of the naira and maintaining public confidence in all banknotes it has duly issued.
It urged Nigerians to continue accepting every banknote legally put into circulation by the CBN for transactions nationwide.
Members of the public seeking further clarification were advised to reach out to the bank through its official communication channels.