CBN warns against rejection of standard N100 notes

The Central Bank of Nigeria has warned members of the public, businesses and financial institutions against rejecting the standard N100 banknote, stressing that it remains legal tender and that violators risk enforcement measures under the CBN Act.

The clarification followed reports that some individuals and businesses had refused to accept the standard N100 note over uncertainty surrounding its legal tender status after the introduction of the commemorative N100 banknote.

The commemorative N100 banknote was introduced by the Central Bank of Nigeria in 2014 to mark Nigeria’s centenary, celebrating 100 years since the country’s amalgamation in 1914. It was issued alongside, not as a replacement for, the existing standard N100 banknote, and both remain legal tender across the country.

In a press statement issued on Wednesday by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank said that both versions of the N100 note remain valid for transactions nationwide.

“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 said.

The bank added, “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.”