The Central Bank of Nigeria (CBN) has reaffirmed that both the standard ₦100 banknote and the commemorative ₦100 banknote remain legal tender and must be accepted for all transactions nationwide.
The clarification was contained in a statement issued by the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali.
According to the apex bank, the statement became necessary following reports that some individuals, businesses and other stakeholders had been rejecting the standard ₦100 note over uncertainty about its legal tender status.
The CBN explained that the commemorative ₦100 banknote, introduced to mark Nigeria’s centenary, was issued alongside the existing ₦100 note and was never intended to replace it.
“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. The commemorative ₦100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote,” the statement read.
The bank warned individuals, businesses, financial institutions and other economic agents against rejecting the standard ₦100 note, describing the practice as a violation of the provisions of the CBN Act and one that undermines public confidence in the national currency.
It cautioned that appropriate enforcement measures would be taken against any individual or organisation found contravening the law.
The CBN also reaffirmed its commitment to safeguarding the integrity of the naira, maintaining public confidence in all duly issued banknotes and ensuring the seamless circulation of currency across the country.
It urged Nigerians to accept and transact with all banknotes legally issued by the Central Bank of Nigeria and advised anyone seeking further clarification to contact the bank through its official communication channels.
