N100 Note Remains Legal Tender, Don’t Reject, CBN Warns

The Central Bank of Nigeria (CBN) has warned members of the public, businesses and financial institutions against rejecting the commemorative and standard N100 banknote, stressing that it remains a legal tender and must be accepted for all transactions across the country.

The apex bank issued the clarification on Wednesday following reports that some individuals and business operators had refused to accept the standard N100 note over concerns that it was no longer valid for transactions.

In a statement signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the CBN said the reports had necessitated a public clarification to prevent confusion and sustain confidence in the nation’s currency.

The bank explained that both the commemorative N100 banknote introduced to mark Nigeria’s centenary and the existing standard N100 banknote remain legal tender and are valid for use nationwide.

According to the CBN, the commemorative N100 note was introduced to celebrate Nigeria’s 100 years as a nation and was never intended to replace the standard N100 banknote already in circulation.

“The Central Bank of Nigeria 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,” the statement said.

The apex bank cautioned individuals, businesses, financial institutions and other economic agents against refusing the standard N100 note, warning that such action contravenes the provisions of the CBN Act and could erode public confidence in the national currency.

It added that the bank would not hesitate to invoke appropriate enforcement measures against any individual or organisation found violating the law by rejecting the note.