The Central Bank of Nigeria (CBN) has reaffirmed that the standard ₦100 banknote remains legal tender and should be accepted for all transactions across the country.
The apex bank issued the clarification following reports that some individuals and businesses had refused to accept the note over concerns about its validity.
In a statement released on Thursday by its Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, the CBN said both the standard ₦100 note and the commemorative ₦100 note introduced to mark Nigeria’s centenary remain valid legal tender.
The statement read, “The attention of the Central Bank of Nigeria (CBN) has been drawn to reports of the rejection of the standard N100 banknote by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status.
“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 commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote. 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 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.”
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
What do you think about this?
Drop your opinion in the comment section.
FOLLOW US & Share this with someone who needs to see this.
