The Central Bank of Nigeria (CBN) has reaffirmed that both the standard ₦100 banknote and the commemorative ₦100 banknote remain legal tender and are valid for all transactions across the country.
The clarification was made in a statement issued by the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, following reports that some individuals and businesses have been rejecting the standard ₦100 note over doubts about its legal status.
The apex bank explained that the commemorative ₦100 banknote, introduced to mark Nigeria’s centenary celebration, was never intended to replace the standard ₦100 note.
“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 nationwide. The commemorative ₦100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote,” the statement read.
The CBN warned individuals, businesses, financial institutions and other economic agents against refusing the standard ₦100 note, describing such actions as a violation of the CBN Act and harmful to public confidence in the national currency.
It cautioned that appropriate enforcement measures would be taken against any person or organisation found contravening the law.
The bank also reiterated its commitment to safeguarding the integrity of the naira, sustaining public confidence in all duly issued banknotes, and ensuring the seamless circulation of currency nationwide.
It urged Nigerians to continue accepting and using all banknotes legally issued by the Central Bank of Nigeria and advised anyone seeking further clarification to contact the apex bank through its official communication channels.
