CBN warns against rejection of N100 banknotes

The Central Bank of Nigeria (CBN) has reiterated 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 apex bank clarified this in a statement issued by Hakama Sidi Ali, the CBN’s acting director of corporate communications, on Wednesday.

CBN explained that the commemorative N100 banknote, introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote.

The clarification follows reports that businesses and other Nigerians are rejecting the standard N100 banknote due to doubts about its continued legal-tender status.

“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender and must be accepted for all transactions nationwide,” the CBN said.

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CBN cautioned individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote, warning that such action constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.

“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 added.

The regulator reaffirmed its commitment to safeguarding the integrity of the naira, maintaining public confidence in all duly issued banknotes, and promoting the smooth circulation of currency nationwide.

It urged the public and all financial stakeholders to accept and transact with all banknotes legally issued by the CBN.