CBN warns against rejection of standard N100 note, threatens sanctions

From Adanna Nnamani, Abuja

The Central Bank of Nigeria (CBN) has warned members of the public, businesses and financial institutions against rejecting the standard N100 banknote, insisting that it remains legal tender and must be accepted for all transactions across the country.

The apex bank issued the warning on Wednesday following reports that some individuals and businesses had refused to accept the standard N100 note over concerns about its legal tender status.

In a statement signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the CBN clarified that both the commemorative N100 banknote introduced to mark Nigeria’s centenary and the existing standard N100 banknote remain valid legal tender.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to reports of the rejection of the standard N100 banknote by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status,” the statement said. The bank explained that the commemorative N100 note was introduced solely to celebrate Nigeria’s centenary and did not replace or invalidate the existing standard N100 banknote.

“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide,” the apex bank stated.

The CBN warned that refusing to accept the standard N100 note amounts to a violation of the provisions of the CBN Act and could attract regulatory sanctions.

“The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency. The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” the statement added.

The apex bank reaffirmed its commitment to preserving public confidence in the naira and ensuring the integrity of all duly issued banknotes in circulation.

It said it would continue to safeguard seamless currency circulation across the country while urging Nigerians to accept and transact with all banknotes legally issued by the CBN.

The bank also advised members of the public seeking clarification on the status of any banknote to contact the CBN through its official communication channels, stressing that confidence in the national currency remains critical to the stability of the country’s financial system.