New And Existing N100 Notes Remain Legal Tender— CBN Warns Against Rejection
The Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains a legal tender, warning individuals, businesses and financial institutions against rejecting it for transactions across the country.
This was disclosed in a statement issued on Wednesday by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali.
The apex bank issued the clarification in a press statement on Wednesday following reports that some members of the public and businesses had refused to accept the standard N100 note over concerns about its legal status.
According to the CBN, both the commemorative N100 banknote and the standard N100 banknote remain valid for all transactions nationwide.
“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,” the statement read.
The bank stressed that the commemorative N100 note, introduced to mark Nigeria's centenary, did not replace the existing standard N100 banknote.
"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 commemorative N100 banknote, which was introduced to mark Nigeria's centenary, did not replace the existing standard N100 banknote."
The CBN warned that refusing to accept the standard N100 note constitutes a breach of the provisions of the CBN Act and undermines public confidence in the national currency.
"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."
The apex bank reiterated its commitment to preserving the integrity of the naira and ensuring confidence in all banknotes issued by it.
"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."
The CBN urged Nigerians to accept and transact with all banknotes legally issued by the bank, advising members of the public to seek clarification through its official communication channels where necessary.