The Central Bank of Nigeria (CBN) has warned businesses, financial institutions and members of the public against rejecting the standard ₦100 banknote, insisting that it remains legal tender and must be accepted in all transactions across the country.
The apex bank said it had received reports that some stakeholders were refusing the standard ₦100 note because of doubts over its legal status, a development it described as unnecessary and capable of undermining confidence in the national currency.
In a statement issued on Wednesday by the CBN’s spokesperson, Sidi Ali, the apex bank stressed that both the commemorative ₦100 banknote and the standard ₦100 banknote remain valid legal tender in Nigeria.
“For the avoidance of doubt, the CBN hereby reiterates 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 bank said.
It explained that the commemorative note, which was introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote, and therefore could not be used as justification for rejecting the regular denomination.
The CBN warned that refusal to accept the standard note amounts to a violation of the provisions of the CBN Act, adding that it would not hesitate to take appropriate enforcement action against any individual or organisation found in breach.
“The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency,” the statement added.
The bank said it remained committed to protecting the integrity of the naira, sustaining confidence in all duly issued banknotes and ensuring smooth currency circulation nationwide.
It therefore urged Nigerians to accept and transact with all banknotes legally issued by the apex bank, while advising those who need clarification to contact the CBN through its official communication channels.
The warning comes amid renewed concerns over public misunderstanding of currency policy and the tendency of some businesses to reject specific denominations in day-to-day transactions, despite their legal status.