CBN Reaffirms Validity of Standard ₦100 Note, Warns Against Refusal

The Central Bank of Nigeria (CBN) has reaffirmed that the standard ₦100 banknote remains legal tender across the country, following reports that some individuals, businesses, and other stakeholders have refused to accept it over concerns about its validity.

In a statement, the apex bank clarified that both the standard ₦100 banknote and the commemorative ₦100 note introduced to mark Nigeria’s centenary are valid legal tender and should be accepted for all transactions nationwide.

The CBN explained that the commemorative ₦100 banknote was issued as a special edition to celebrate Nigeria’s 100th anniversary and was never intended to replace the existing standard ₦100 note.

The bank warned that rejecting the standard ₦100 banknote is a violation of the provisions of the CBN Act and could erode public confidence in the nation’s currency.

It cautioned individuals, businesses, financial institutions, and other economic agents to desist from refusing the note, stressing that appropriate enforcement measures would be taken against anyone found to be contravening the law.

According to the CBN, it remains committed to preserving the integrity of the naira, maintaining public confidence in all duly issued banknotes, and ensuring the seamless circulation of currency throughout the country.

The apex bank therefore urged Nigerians to continue accepting and using all banknotes legally issued by the Central Bank of Nigeria for their daily transactions.

It also advised members of the public seeking further clarification to contact the CBN through its official communication channels.