The Central Bank of Nigeria (CBN) on Wednesday reaffirmed that that both the commemorative N100 banknote and the standard N100 banknote remained legal tender in Nigeria and must be accepted for all transactions nationwide
The apex bank, in a statement issued by its Acting Director, Corporate Communications Department, Hakama Sidi-Ali, indicated that the clarification was sequel 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 CBN maintained that for the avoidance of doubt, both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide.
It further clarified that the commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote, and cautioned individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote.
- Advertisement -
According to the statement, such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency and the bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.
The apex bank restated its commitment to safeguarding the integrity of the Naira, ensuring confidence in all duly issued banknotes, and promoting smooth currency circulation across the country.
Accordingly, it urged members of the public to accept and transact with all banknotes legally issued by it and advised members of the public to contact the CBN through its official communication channels for further clarifications on the legal status of the banknotes.
