The Central Bank of Nigeria (CBN) has warned individuals, businesses and financial institutions against rejecting the standard ₦100 banknote, stressing that it remains legal tender and that violators risk sanctions.
The apex bank issued the warning in a statement released on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali.
Its warning follows reports that some members of the public had refused to accept the note over concerns about its validity.
The CBN said the reports were based on “doubts about its continued legal tender status” and moved to reassure Nigerians that there has been no change to the status of the banknote.
“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,” CBN said.
The apex bank explained that the commemorative ₦100 note, introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote.
It cautioned that refusing to accept the standard ₦100 note violates the provisions of the CBN Act and could undermine public confidence in the national currency.
“The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency,” CBN said.
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It further warned that it “will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.”
Reaffirming its commitment to maintaining confidence in the naira, the CBN said it remains focused on safeguarding the integrity of the country’s currency and ensuring the smooth circulation of all duly issued banknotes.
“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,” it said.
The CBN urged members of the public to continue accepting and using all banknotes legally issued by the Bank for transactions nationwide and advised anyone seeking clarification to contact it through its official communication channels.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X