The Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains legal tender and must be accepted for all transactions across the country.
In a statement issued on Wednesday, the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali, said the bank had received reports that some individuals and businesses were rejecting the standard N100 note over doubts about its validity.
The apex bank clarified that both the standard N100 banknote and the commemorative N100 banknote introduced to mark Nigeria’s centenary are valid legal tender.
“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 statement read.
The CBN explained that the commemorative N100 note, introduced in 2014 to celebrate 100 years of Nigeria’s amalgamation, did not replace the existing standard N100 banknote.
It warned individuals, businesses, financial institutions and other economic agents against refusing the standard N100 note, describing such action as a violation of the CBN Act.
According to the bank, appropriate enforcement measures will be taken against anyone found rejecting the note.
“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,” the statement added.
The CBN also urged Nigerians to continue accepting all banknotes legally issued by the bank and advised anyone seeking clarification to use its official communication channels.
The clarification comes years after the CBN introduced redesigned N200, N500 and N1,000 banknotes as part of efforts to improve currency management and curb illicit financial flows. In 2023, the apex bank also directed its branches to continue issuing and accepting both old and redesigned naira notes through deposit money banks.
