CBN: Standard N100 Banknote Remains Legal Tender

The Central Bank of Nigeria (CBN) has issued a strong clarification, reaffirming that the standard N100 banknote continues to be legal tender throughout the country. This announcement comes in response to reports of some individuals, businesses, and stakeholders rejecting the currency denomination, apparently due to doubts about its ongoing legal status.

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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.

The CBN emphasized that such rejections are a breach of the law. In a statement, Mrs. Hakama Sidi-Ali, the acting Director of the Corporate Communications Department, stressed that both the commemorative N100 banknote, introduced for Nigeria's centenary, and the standard N100 banknote are valid for all transactions. She urged the public to disregard any claims suggesting otherwise.

The apex bank issued a stern warning to businesses, financial institutions, and other stakeholders against refusing the standard N100 note. The CBN cautioned that such actions violate the provisions of the CBN Act and erode public confidence in the national currency. The bank stated it would not hesitate to implement enforcement measures against any individual or organization found in breach.

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The bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.

Reiterating its commitment, the CBN affirmed its dedication to safeguarding the integrity of the Naira, maintaining public confidence in all officially issued banknotes, and ensuring the smooth circulation of currency across Nigeria. The bank encouraged members of the public to continue accepting and transacting with all CBN-issued banknotes and advised them to contact the bank for any further clarification.

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The bank remains committed to safeguarding the integrity of the Naira, ensuring confidence in all duly issued banknotes, and promoting smooth currency circulation across the country.