The Central Bank of Nigeria has stated that the standard N100 banknote remains legal tender and must be accepted for all financial transactions across the country. The apex bank made this clarification in an official statement issued by its Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, following widespread reports that some businesses, stakeholders, and members of the public were rejecting the banknote.
According to the official statement from the financial regulator, the clarification became necessary to address growing doubts among economic agents regarding the legal status of the currency. The statement noted, “The attention of the Central Bank of Nigeria (CBN) has been drawn to reports of the rejection of the standard N100 banknote by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status.”
To resolve any ambiguity surrounding the banknote, the apex bank emphasized that all versions of the N100 denomination are fully valid for daily commerce. The apex bank stated, “For the avoidance of doubt, the CBN 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 regulator further explained that the introduction of a special edition note in the past did not invalidate the original design that has been in circulation for years. The statement clarified, “The commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote. The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.”
Warning against continued non-compliance with statutory currency guidelines, the apex bank noted that violators would face strict regulatory penalties. The statement concluded, “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. Accordingly, members of the public are urged to accept and transact with all banknotes legally issued by the Central Bank of Nigeria.”
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