Central Bank of Nigeria (CBN) has assured Nigerians that both the standard ₦100 banknote and the commemorative ₦100 note remain valid for use across the country, warning that refusing to accept either of them is against the law.
The clarification followed reports that some individuals, businesses and even financial institutions had been rejecting the standard ₦100 note over concerns that it was no longer recognised as legal tender.
In a statement signed by Hakama Sidi-Ali, Acting Director of Corporate Communications, the apex bank dismissed the claims and stressed that both versions of the ₦100 note are legal and should be accepted for all financial transactions.
According to the CBN, the commemorative ₦100 banknote, introduced to celebrate Nigeria’s centenary, was never intended to replace the existing standard ₦100 note. Instead, both banknotes continue to circulate side by side as legal tender.
The Bank cautioned that any individual, business organisation or financial institution that refuses to accept either of the notes could face enforcement actions for violating the provisions of the CBN Act.
It also reaffirmed its commitment to protecting the integrity of the naira and ensuring the smooth circulation of all banknotes officially issued by the Central Bank.
The apex bank urged Nigerians to continue accepting and using all CBN-issued banknotes without hesitation. It also advised members of the public who require further clarification to reach out to the Bank through its official communication channels.
