CBN reaffirms validity of standard ₦100 note, warns businesses
By Abiodun Folarin
The Central Bank of Nigeria (CBN) has warned businesses, financial institutions and members of the public against rejecting the standard ₦100 banknote, stressing that it remains legal tender and is valid for all transactions across the country.
The apex bank issued the clarification on Wednesday following reports that some individuals and businesses had refused to accept the standard ₦100 note over doubts about its legal tender status.
In a statement signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the CBN explained that both the standard ₦100 banknote and the commemorative ₦100 banknote introduced to mark Nigeria’s centenary remain legal tender.
According to the Bank, the commemorative ₦100 note was issued alongside not as a replacement for the existing standard ₦100 note.
The CBN cautioned that rejecting the standard ₦100 banknote constitutes a violation of the provisions of the CBN Act and undermines public confidence in the national currency.
It warned that appropriate enforcement measures would be taken against any individual, business or institution found rejecting the note.
The apex bank reaffirmed its commitment to safeguarding the integrity of the naira, maintaining confidence in all duly issued banknotes and ensuring the smooth circulation of currency nationwide.
It urged Nigerians to continue accepting all banknotes legally issued by the Central Bank and advised members of the public seeking further clarification to contact the Bank through its official communication channels.
