For the umpteenth time, Central Bank of Nigeria ( CBN) reaffirmed legal tender status of N100 bank notes (both commemorative
₦100 banknote and the standard N100 note), insisting on their acceptance in Nigeria and
for all transactions nationwide.
The apex bank renewed reaffirmation of N100 note acceptance comes against the backdrop of rejection by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status.
The bank’s statement was issued by the Acting Director of Corporate communications Hakama Sidi-Ali.
Part of the CBN statement issued on Wednesday reads:” The attention of the Central Bank of Nigeria (CBN) has been drawn to reports of the rejection of the standard ₦100 banknote by some members of the public,businesses, and other stakeholders, apparently due to doubts about its continued legal tender status.
“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 CBN strongly cautions individuals, businesses, financial institutions, and other
economic agents against rejecting the standard ₦100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in
the national currency”.
The bank said it will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.
