The Central Bank of Nigeria, CBN, has reaffirmed that both the standard N100 banknote and the commemorative N100 note remain valid legal tender, urging Nigerians to disregard reports suggesting that the regular N100 note is no longer acceptable for transactions.
The apex bank said its clarification followed reports that some individuals, businesses and other stakeholders had begun rejecting the standard N100 note over doubts about its legal status.
It stressed that the commemorative N100 note, introduced to celebrate Nigeria’s centenary, was never intended to replace the existing standard N100 banknote.
The CBN warned that refusing to accept the standard N100 note is a breach of the provisions of the CBN Act and could erode public confidence in the nation’s currency.
It cautioned that appropriate enforcement measures would be taken against any individual or organisation found violating the law.
In a statement issued on Wednesday, the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, reiterated that both versions of the N100 banknote remain legal tender and must be accepted for all payments and commercial transactions across the country.
The Bank also advised financial institutions, businesses and other economic operators to comply fully with the law by accepting all duly issued CBN banknotes, warning that any act of rejection would attract regulatory sanctions.
The CBN reaffirmed its commitment to preserving the integrity of the naira, strengthening public confidence in the country’s currency, and ensuring the seamless circulation of all legitimate banknotes.
It further encouraged members of the public seeking additional clarification to contact the Bank through its official communication channels.
