CBN Warns Against Rejection of Standard N100 Banknote

The Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains legal tender across the country, following reports that some individuals and businesses have refused to accept the note over concerns about its validity.

In a statement issued on Wednesday, the apex bank said both the standard N100 banknote and the commemorative N100 note introduced to mark Nigeria’s centenary remain valid for all transactions nationwide. The bank stressed that the commemorative note was introduced as an addition to, and not a replacement for, the existing N100 note.

“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,” the bank said.

The CBN warned that rejecting the standard N100 banknote constitutes a violation of the provisions of the CBN Act and could undermine public confidence in the national currency. The regulator added that it would not hesitate to apply appropriate enforcement measures against individuals or organisations found to be in breach of the law.

The apex bank urged members of the public, financial institutions, merchants and other economic agents to continue accepting all legally issued banknotes for transactions and advised anyone seeking further clarification to contact the CBN through its official communication channels.