CBN warns against rejection of standard N100 notes

The Central Bank of Nigeria (CBN) has issued a stern warning against the rejection of the standard N100 banknote, emphasizing its continued legal tender status. The apex bank stressed that individuals, businesses, and financial institutions must accept both the standard and the commemorative N100 notes for all transactions nationwide.

This clarification follows reports of some entities refusing the standard N100 note due to uncertainty after the introduction of the commemorative version in 2014. The commemorative note was issued to mark Nigeria's centenary, celebrating 100 years since the country's amalgamation in 1914. It was intended to coexist with, not replace, the existing standard N100 banknote.

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

In a press statement, Hakama Sidi-Ali, Acting Director of Corporate Communications, reiterated that both versions of the N100 note are valid for transactions. "For the avoidance of doubt, the CBN hereby reiterates 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 statement read.

The CBN cautioned that rejecting the standard N100 note constitutes a violation 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 warned. The bank remains committed to safeguarding the integrity of the naira and ensuring smooth currency circulation.

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