Nigeria's Central Bank Warns Against Rejecting N100 Banknotes

The Central Bank of Nigeria (CBN) has issued a stern warning against the rejection of its N100 banknotes, emphasizing that both the commemorative and standard versions remain legal tender nationwide. The apex bank clarified that the N100 commemorative note, introduced for Nigeria's centenary, does not replace the standard N100 note.

This clarification comes amid reports of businesses and individuals refusing to accept the standard N100 banknote. The CBN cautioned that such rejections are a violation of the CBN Act and erode confidence in the national currency. The bank stated it would not hesitate to take enforcement measures against any entity found in breach of this directive.

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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 and must be accepted for all transactions nationwide.

The regulator reaffirmed its dedication to protecting the integrity of the naira and ensuring public trust in all issued banknotes. It urged the public and financial stakeholders to continue accepting and transacting with all legally issued CBN banknotes, promoting smooth currency circulation across the country.

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Such rejection constitutes a violation of the provisions 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.