- CBN says both standard and commemorative ₦100 notes remain legal tender
- The bank warned against rejecting the standard ₦100 note
- Offenders risk sanctions under the CBN Act
The Central Bank of Nigeria has reaffirmed that both the regular ₦100 banknote and the commemorative ₦100 note remain valid legal tender and should be accepted for all transactions across Nigeria.
In a statement issued by the bank’s Acting Director of Corporate Communications, Hakama Sidi-Ali, Eko Hot Blog reports that the apex bank said the clarification became necessary following reports that some individuals, businesses, and organisations had refused to accept the standard ₦100 note because of confusion over its validity.
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The CBN explained that the commemorative ₦100 banknote, introduced to celebrate Nigeria’s centenary, was never intended to replace the existing standard ₦100 note. Instead, both versions are recognised as legal tender and can be used interchangeably for payments nationwide.
The statement read in part: “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 bank warned members of the public, financial institutions, businesses, and other economic operators against rejecting the standard ₦100 note, noting that such actions violate the provisions of the CBN Act and could undermine public confidence in the country’s currency.
It added that appropriate sanctions would be imposed on any individual or organisation found breaching the law by refusing to accept the banknote.
The CBN also reaffirmed its commitment to safeguarding the integrity of the naira, sustaining public trust in all officially issued banknotes, and ensuring the seamless circulation of currency across the country.
It urged Nigerians to continue accepting all banknotes issued by the Central Bank of Nigeria and encouraged anyone seeking further information to contact the bank through its official communication channels.
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