The Central Bank of Nigeria (CBN) has reiterated that both the commemorative and standard N100 banknotes remain legal tender in Nigeria and must be accepted for all transactions nationwide.
In a statement released yesterday, CBN Acting Director, Corporate Communications Department, Mrs. Hakama Sidi-Ali, said the apex bank’s attention has been drawn to reports of the rejection of the standard N100 banknote by some members of the public, businesses, and other stakeholders.
She attributed the currency’s rejection to apparent doubst about its continued legal tender status.
Sidi-Ali said the 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. The bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” she said.
According to her, 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. For further clarification, members of the public are also advised to contact the CBN through its official communication channels,” she stated.