• Warns rejection violates CBN Act, undermines confidence in national currency
James Emejo in Abuja
Central Bank of Nigeria (CBN), yesterday, reaffirmed that the standard N100 banknote remained legal tender across the country.
CBN warned that individuals and businesses rejecting the note were acting in breach of the law.
The clarification came against the backdrop of reports that the currency denomination was being rejected by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status.
However, in a statement issued by CBN’s acting Director, Corporate Communications Department, Mrs. Hakama Sidi-Ali, the apex bank stressed that both the commemorative N100 banknote introduced to mark the country’s centenary and the standard N100 banknote remained valid for all transactions.
CBN explained that the commemorative N100 note was introduced as a special edition and did not replace the existing standard version, urging Nigerians to disregard claims suggesting otherwise.
The bank cautioned businesses, financial institutions, and other stakeholders against refusing the standard N100 note, stressing that such actions violate the provisions of the CBN Act and erode public confidence in the national currency.
The central bank warned that it would not hesitate to invoke appropriate enforcement measures against any individual or organisation found rejecting the note.
It reiterated its commitment to preserving the integrity of the Naira, sustaining public confidence in all duly issued banknotes, and ensuring seamless currency circulation across the country.
The bank urged members of the public to continue accepting and transacting with all banknotes officially issued by CBN, advising anyone requiring further clarification to contact the bank through its official communication channels.
According to Hakama Sidi-Ali, “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 bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.
“The bank remains committed to safeguarding the integrity of the Naira, ensuring confidence in all duly issued banknotes, and promoting smooth currency circulation across the country.”
