By Daily Review Online
The Central Bank of Nigeria (CBN) has warned Nigerians, businesses and financial institutions against rejecting the standard ₦100 banknote, stressing that it remains legal tender and must be accepted for all transactions across the country.
The apex bank issued the warning on Wednesday following reports that some members of the public had refused to accept the standard ₦100 note due to confusion over its status after the introduction of the commemorative ₦100 banknote.
In a statement signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the CBN clarified that both the commemorative ₦100 banknote, introduced to mark Nigeria’s centenary, and the standard ₦100 banknote are valid legal tender and will continue to circulate side by side.
The bank said the commemorative note was introduced to complement, not replace, the existing ₦100 note.
“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative ₦100 banknote and the standard ₦100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide,” the statement read.
The CBN warned that refusing to accept the standard ₦100 note violates the provisions of the CBN Act and undermines public confidence in the national currency.
It added that it would not hesitate to impose appropriate sanctions on any individual or organisation found rejecting the banknote.
According to the bank, preserving confidence in the naira remains one of its core responsibilities, noting that every banknote officially issued by the CBN deserves equal recognition and acceptance.
The apex bank reaffirmed its commitment to safeguarding the integrity of the national currency and ensuring the smooth circulation of cash throughout the country.
It also urged traders, transport operators, businesses and other cash users to accept all banknotes issued by the CBN and advised members of the public seeking further clarification to contact the bank through its official communication channels.