CBN Warns Against Rejection of Standard N100 Note, Says It Remains Legal Tender
The Central Bank of Nigeria (CBN) has warned members of the public, businesses and financial institutions against rejecting the standard N100 banknote, stressing that it remains a valid legal tender and must be accepted for all transactions across the country.
The apex bank issued the clarification following reports that some traders and business operators had refused to accept the regular N100 note on the mistaken belief that it had ceased to be legal tender after the introduction of the commemorative N100 banknote.
In a statement, the CBN described the practice as unlawful, explaining that both the commemorative N100 note, introduced to mark Nigeria’s Centenary celebrations, and the standard N100 banknote are legal tender and continue to circulate side by side.
According to the bank, the commemorative note was issued solely to celebrate the country’s centenary and was never intended to replace the existing N100 note or invalidate it.
The CBN said: “Both the commemorative N100 banknote and the standard N100 banknote remain legal tender and should be accepted for all transactions throughout the country.”
The apex bank expressed concern that the growing rejection of the standard note could create unnecessary confusion among Nigerians, disrupt commercial activities and erode public confidence in the national currency.
It reminded Nigerians that all banknotes officially issued by the CBN retain their status as legal tender unless the bank formally announces otherwise.
The bank further warned that refusing to accept the standard N100 note constitutes a breach of the provisions of the Central Bank of Nigeria Act and could attract regulatory sanctions.
It stated that it would not hesitate to take appropriate action against any individual, business or organisation found to be rejecting the note in violation of the law.
The CBN reaffirmed its commitment to safeguarding the integrity of the naira, maintaining public confidence in all duly issued banknotes and ensuring the smooth circulation of currency across Nigeria.
The apex bank also urged Nigerians to continue accepting all valid banknotes issued by the CBN and advised members of the public to seek clarification through its official communication channels whenever they are uncertain about the status of any currency denomination.
The clarification comes amid recurring misconceptions over commemorative banknotes, which are typically introduced to mark significant national events but retain the same legal tender status as their standard counterparts without replacing existing currency in circulation.
