CBN Reaffirms Standard ₦100 Note Remains Legal Tender Nationwide
Standard and Commemorative ₦100 Notes Remain Valid, CBN Clarifies
The Central Bank of Nigeria (CBN) has reaffirmed that the standard ₦100 banknote remains legal tender and must be accepted for all transactions across the country. The clarification follows reports that some individuals and businesses have refused to accept the standard ₦100 note, mistakenly believing it had been withdrawn following the introduction of the commemorative ₦100 note.
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In a statement issued by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank stressed that both the standard and commemorative ₦100 banknotes remain valid and continue to circulate side by side. The CBN warned that rejecting either note violates the provisions of the CBN Act and could attract regulatory sanctions.
CBN Dismisses Misconceptions Over ₦100 Notes
The CBN said public confusion arose from the circulation of the commemorative ₦100 note, introduced in 2014 to mark Nigeria's centenary. It clarified that the commemorative note was issued as an additional design and was never intended to replace the existing standard ₦100 banknote.
The apex bank urged Nigerians, businesses, financial institutions and merchants to continue accepting both versions of the ₦100 note for all payments and commercial transactions.
Rejection of Legal Tender Is a Violation
According to the CBN, refusing to accept any valid naira denomination undermines confidence in the national currency and contravenes the provisions of the CBN Act.
The Bank warned that it would not hesitate to take appropriate enforcement action against any individual or organisation found rejecting the standard ₦100 note without legal justification.
Commitment to Currency Stability
The clarification forms part of the CBN's broader efforts to preserve confidence in Nigeria's currency and ensure the smooth circulation of banknotes nationwide.
The Bank reiterated that all naira denominations issued by the CBN remain legal tender unless officially withdrawn through a formal announcement. It urged the public to rely only on official CBN communications regarding the status of banknotes.
Implications for Businesses and Consumers
The CBN's statement provides certainty for consumers, retailers and financial institutions by dispelling misinformation surrounding the ₦100 note.
Businesses are expected to continue accepting both versions of the note without discrimination, helping to ensure uninterrupted commercial transactions and maintain confidence in Nigeria's cash payment system.
Conclusion
The CBN's clarification reinforces that both the standard and commemorative ₦100 banknotes remain valid legal tender across Nigeria. By warning against the rejection of either note, the apex bank aims to protect public confidence in the naira and ensure the smooth functioning of the country's payment system.
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