CBN Warns Nigerians Against Rejecting Standard N100 Note

• The Central Bank of Nigeria has warned that the standard N100 banknote remains legal tender and cautioned individuals and businesses against rejecting it, saying violators could face enforcement measures.

The Central Bank of Nigeria (CBN) has warned Nigerians, businesses and financial institutions against rejecting the standard N100 banknote, stressing that it remains legal tender and that anyone found violating the law risks sanctions.

The clarification follows reports that some individuals and businesses have refused to accept the standard N100 note due to uncertainty over its legal status following the introduction of the commemorative N100 banknote.

In a statement issued on Wednesday by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank reaffirmed that both the standard N100 banknote and the commemorative N100 banknote remain valid for transactions across the country.

“The attention of the Central Bank of Nigeria has been drawn to reports of the rejection of the standard N100 banknote by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status,” the statement read.

The CBN explained that the commemorative N100 banknote, introduced in 2014 to mark Nigeria’s centenary, was issued alongside the existing note and was never intended to replace it.

“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 bank stated.

The apex bank cautioned that rejecting the standard N100 note is a violation of the CBN Act and warned that it would not hesitate to take enforcement action against offenders.

“The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency,” the statement added.

The bank reaffirmed its commitment to protecting the integrity of the naira, maintaining public confidence in all duly issued banknotes and ensuring smooth currency circulation nationwide.

It also urged Nigerians to continue accepting all banknotes officially issued by the CBN and advised anyone seeking further clarification to use the bank’s official communication channels.