The CBN warns that rejecting the standard ₦100 banknote breaks the law and could attract enforcement against offenders.
The Central Bank of Nigeria (CBN) has reaffirmed that the standard ₦100 banknote remains legal tender and warned that anyone rejecting it risks enforcement under the law.
In a press statement issued on Wednesday, the apex bank said it had received reports that some members of the public, businesses and other stakeholders were rejecting the standard ₦100 note over doubts about its legal tender status.
The CBN clarified that both the commemorative ₦100 banknote and the standard ₦100 banknote remain valid for transactions across the country.
“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative ₦100 banknote and the standard ₦100 banknote remain legal tender in Nigeria and must be accepted for all transactions,” the statement read.
The bank explained that the commemorative ₦100 note, introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote.
The CBN warned individuals, businesses, financial institutions and other economic agents against refusing the standard ₦100 note, describing such actions as a breach of the law.
“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 statement said.
The apex bank said it remains committed to protecting the integrity of the naira, maintaining confidence in all duly issued banknotes and ensuring smooth currency circulation across the country.
It also called on Nigerians 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,” the statement added.