The Central Bank of Nigeria (CBN) has warned individuals and businesses against rejecting any N100 banknote, reiterating that both the standard and commemorative versions remain legal tender and must be accepted for all transactions nationwide.
The clarification was contained in a circular issued on Wednesday and signed by Hakama Sidi-Ali, CBN’s Acting Director of Corporate Communications.
According to the apex bank, the statement became necessary following reports that some traders, businesses and individuals have been refusing to accept certain N100 notes during commercial transactions.
The CBN stressed that such actions violate the provisions of the Central Bank of Nigeria Act, 2007.
“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.
It explained that the commemorative N100 note, introduced to mark Nigeria’s centenary, was issued alongside, not in place of, the existing standard N100 note.
According to the Bank, both versions retain equal legal status and are valid for all financial and commercial transactions.
The CBN also instructed deposit money banks to continue issuing N100 notes to customers through all approved payment channels.
It warned that refusing to accept the notes undermines public confidence in Nigeria’s currency and constitutes a breach of the law.
“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 said.
The apex bank added that it would not hesitate to impose appropriate sanctions on any individual or organisation found violating the law.
The clarification comes amid recurring misinformation surrounding Nigeria’s currency.
The CBN urged Nigerians to continue accepting and transacting with all banknotes officially issued by the Bank, advising members of the public to rely only on information released through its official communication channels.
Last year, the apex bank dismissed a viral social media circular that falsely claimed it had introduced N5,000 and N10,000 banknotes into circulation, describing the report as fake.
The latest advisory is intended to reassure the public that all officially issued N100 notes, whether standard or commemorative, remain valid legal tender and should be accepted without discrimination across the country.
