The Central Bank of Nigeria (CBN) has reaffirmed that both the standard ₦100 banknote and the commemorative ₦100 banknote remain legal tender, following reports that some businesses and individuals have refused to accept the standard note over concerns about its validity.
In a statement, the apex bank said it had received reports of the rejection of the standard ₦100 banknote by members of the public, businesses and other stakeholders due to misconceptions about its legal tender status.
To dispel the confusion, the CBN clarified that the commemorative ₦100 banknote, introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 note. Both versions remain valid for all cash transactions across the country.
The central bank warned that refusing to accept the standard ₦100 banknote constitutes a violation of the provisions of the CBN Act and could attract regulatory sanctions.
“The Central Bank of Nigeria 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 statement said.
The CBN cautioned individuals, businesses, financial institutions and other economic participants against rejecting any legally issued ₦100 banknote, stressing that such actions undermine public confidence in the national currency and disrupt the smooth circulation of cash.
It added that the Bank would not hesitate to take appropriate enforcement action against any individual or organisation found to be in breach of the law.
The clarification comes amid efforts by the CBN to strengthen confidence in the naira and ensure the seamless circulation of all officially issued currency notes within Nigeria’s financial system.
The apex bank urged the public to continue accepting and transacting with all banknotes legally issued by the CBN and advised anyone seeking further clarification to contact the Bank through its official communication channels.
