CBN Clarifies Status of ₦100 Notes, Says Both Remain Legal Tender
Oru Leonard
The Central Bank of Nigeria (CBN) has clarified that both the standard ₦100 banknote and the commemorative ₦100 banknote remain legal tender and must be accepted for all transactions across the country.
The clarification followed reports that some individuals, businesses and other stakeholders had begun rejecting the standard ₦100 note over concerns about its legal tender status.
In a statement issued on Wednesday by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank stressed that the commemorative ₦100 note introduced to mark Nigeria’s centenary did not replace the existing standard ₦100 banknote. Both versions, it said, remain valid for use nationwide.
The CBN warned individuals, businesses, financial institutions and other economic agents against rejecting the standard ₦100 note, describing such actions as a violation of the provisions of the CBN Act and capable of undermining public confidence in the national currency.
The apex bank also cautioned that it would not hesitate to enforce compliance and apply appropriate sanctions against any person or organisation found rejecting the valid banknotes.
