CBN clarifies legal tender status of N100 banknotes

Mariam Abeeb

The Central Bank of Nigeria, CBN has clarified 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 CBN made this known in a press statement, Ag. Director, Corporate Communications, Hakama Sidi-Ali in Abuja.

She explained that the commemorative ₦100
banknote, which was introduced to mark Nigeria’s centenary, did not replace the
existing standard ₦100 banknote.

It’s reads,” The attention of the Central Bank of Nigeria (CBN) has been drawn to reports of the rejection of the standard ₦100 banknote by some members of the public, businesses,
and other stakeholders, apparently due to doubts about its continued legal tender
status.

“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 commemorative ₦100
banknote, which was introduced to mark Nigeria’s centenary, did not replace the
existing standard ₦100 banknote.

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

“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.

“Accordingly, members of the public are urged to accept and transact with all banknotes legally issued by the Central Bank of Nigeria.For further clarification, members of the public are also advised to contact the CBN
through its official communication channels.