The Central Bank of Nigeria (CBN) has reaffirmed that the standard ₦100 banknote remains legal tender and must be accepted for all transactions across Nigeria.
The clarification followed reports that some individuals, businesses, and organizations had refused to accept the standard ₦100 note over concerns that it had been replaced by the commemorative ₦100 note.
In a statement issued by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the CBN emphasized that:
* Both the standard ₦100 banknote and the commemorative ₦100 banknote are valid legal tender.
* The commemorative ₦100 note, introduced to celebrate Nigeria’s centenary, did not replace the standard ₦100 note.
* Rejecting the standard ₦100 note is a violation of the provisions of the CBN Act and undermines public confidence in the national currency.
* The CBN warned that it may take appropriate enforcement action against any individual or organization that refuses to accept the note.
The apex bank urged Nigerians to continue accepting and using all banknotes officially issued by the CBN, stressing its commitment to maintaining confidence in the naira and ensuring smooth currency circulation throughout the country.