The Central Bank of Nigeria (CBN) has issued a stern warning to the public, businesses, and financial institutions against the rejection of the standard N100 banknote, emphasizing that the currency remains legal tender for all transactions across the country.
The directive follows growing reports that some Nigerians have been refusing to accept the standard N100 note due to confusion regarding its status following the introduction of the commemorative N100 note in 2014.
In a statement released on Wednesday by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank clarified that the commemorative note was issued to mark Nigeria’s centenary and was never intended to replace the existing currency. Consequently, both versions of the N100 note are valid and must be accepted by all economic agents.
The CBN cautioned that the rejection of any legally issued banknote violates the provisions of the CBN Act. The bank stated that it is committed to maintaining the integrity of the naira and will not hesitate to enforce measures against any individual or business found to be in breach of this policy.
The regulatory body urged the public to continue using the notes for daily transactions and advised anyone requiring further clarification to utilize the bank’s official communication channels.
