The Central Bank of Nigeria (CBN) has confirmed that both the standard and commemorative ₦100 banknotes remain legal tender and must be accepted for all transactions across the country.
The clarification was contained in a statement issued by the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali.
According to the bank, the statement became necessary amidst reports that some members of the public, businesses, and other citizens have been rejecting the standard ₦100 note due to uncertainty over its legal tender status.
The CBN said that the commemorative ₦100 banknote, introduced to mark Nigeria’s centenary celebration, did not replace the existing standard ₦100 banknote.
“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 statement said.
The apex bank warned individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 note. It described such acts as a violation of the provisions of the CBN Act and detrimental to public confidence in the national currency.
It added that it would not hesitate to apply appropriate enforcement measures against any person or organisation found contravening the law.
The bank urged Nigerians to accept and transact with all banknotes legally issued by the Central Bank of Nigeria.