Yemisi Izuora
The Central Bank of Nigeria (CBN) has frowned at reports of the
rejection of the standard ₦100 banknote by some members of the public, businesses,
and other stakeholders, apparently due to doubts about its continued legal tender
status.
Reacting to the report, the CBN reiterated 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 Bank explained that the commemorative ₦100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote.
The CBN strongly cautions individuals, businesses, financial institutions, and other
economic agents against rejecting the standard ₦100 banknote.
Such rejection it warned constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.
The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.
The Bank remains committed to safeguarding the integrity of the Naira, ensuring
confidence in all duly issued banknotes, and promoting smooth currency circulation
across the country.
Accordingly, members of the public are urged to accept and transact with all banknotes legally issued by the Central Bank of Nigeria.
For further clarification, members of the public are also advised to contact the CBN
through its official communication channels.