The Central Bank of Nigeria (CBN) has told Nigerians that the standard ₦100 banknote is still valid for payments, warning that refusing to accept it for transactions breaches the law. The regulator said it has received reports that some people and organisations are turning away the note due to questions about its legal status, and it moved to clarify the rules for the currency’s use.
Key takeaways
- The CBN says the standard ₦100 banknote remains legal tender and must be accepted for transactions.
- The central bank warns that refusing the ₦100 note violates provisions of the CBN Act and damages trust in the naira.
- Both the standard ₦100 and the commemorative ₦100 note are described as valid for use nationwide.
- The commemorative ₦100 note was issued to mark Nigeria’s centenary and was not meant to replace the standard version.
- The CBN says it will enforce the rules against individuals or entities found breaching them.
CBN clarifies the legal status of the ₦100 notes
In a statement signed by the Director of Corporate Communications, Hakama Sidi-Ali, the CBN said it became aware of claims circulating among individuals, businesses, and other stakeholders that they were refusing to take the standard ₦100 banknote. The central bank framed the concern as tied to uncertainty over whether the note retains legal tender status.
To address that, the CBN said the standard ₦100 banknote and the commemorative ₦100 banknote—released to observe Nigeria’s centenary—are both acceptable for all transactions throughout the country. It also stated that the commemorative issue was created to celebrate the centenary and was never intended to displace the existing standard ₦100 note.
Warning on enforcement and public confidence
The apex bank cautioned individuals, corporate bodies, financial institutions, and other market participants against declining the standard ₦100 note. It argued that such refusals contravene the CBN Act and weaken public confidence in the national currency.
The CBN added that it would take action against anyone or any entity found to be in breach, noting it would not hesitate to apply appropriate enforcement measures. The statement further reiterated the bank’s wider objective of protecting the integrity of the naira, preserving confidence in all properly issued banknotes, and supporting smooth currency circulation across Nigeria.
Finally, the CBN urged members of the public to accept and transact with all banknotes that have been legally issued by the central bank. It also advised anyone seeking additional clarification to reach out to the CBN through its official communication channels.
