CBN Warns Nigerians Against Rejecting Standard ₦100 Notes

The Central Bank of Nigeria (CBN) has warned Nigerians, businesses and financial institutions against rejecting the standard ₦100 banknote, stressing that it remains a valid legal tender and must be accepted for all transactions nationwide.

The clarification followed reports that some members of the public had refused to accept the standard ₦100 note following the introduction of the commemorative ₦100 banknote, creating uncertainty over the status of the existing currency.

In a statement issued on Wednesday in Abuja and signed by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank said both the commemorative ₦100 banknote and the standard ₦100 banknote are recognised as legal tender.

“For the avoidance of doubt, the CBN hereby 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 explained that the commemorative ₦100 note, introduced to mark Nigeria’s centenary, was not intended to replace the standard ₦100 note.

According to the bank, both versions are expected to circulate side by side, with neither having a superior status over the other.

The apex bank warned that rejecting the standard ₦100 note violates provisions of the CBN Act and could attract enforcement action against individuals, businesses or institutions found guilty of the offence.

“The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency,” it said.

The bank added that it would not hesitate to apply appropriate sanctions against anyone or any organisation that refuses to accept officially issued currency.

The CBN said protecting public confidence in the naira remains one of its key responsibilities, noting that all banknotes issued by the institution are entitled to equal recognition and acceptance.

It urged traders, transport operators, businesses and other cash users to accept all legally issued naira notes and advised members of the public seeking further clarification to contact the bank through its official communication channels.