The Central Bank of Nigeria (CBN) has warned Nigerians, businesses and financial institutions against rejecting the standard N100 banknote, stressing that it remains legal tender and must be accepted for all transactions nationwide.
The apex bank said the clarification became necessary following reports that some members of the public were refusing the standard N100 note after the introduction of the commemorative N100 banknote issued to mark Nigeria’s centenary. It emphasised that both the commemorative and standard N100 notes are valid and are expected to circulate side by side.
The CBN cautioned that rejecting the standard N100 banknote violates the provisions of the CBN Act and undermines public confidence in the national currency. It warned that appropriate enforcement measures would be taken against individuals or organisations found flouting the law.
The bank reaffirmed its commitment to protecting the integrity of the naira and ensuring confidence in all officially issued banknotes. It urged traders, transport operators, businesses and other cash users to accept all CBN-issued banknotes and advised the public to seek clarification through its official communication channels when necessary.