By Tochukwu Bliss, Abuja
The Central Bank of Nigeria (CBN) has reiterated 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 emphasis follows 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.
A statement by the Ag. Director, Corporate Communications, Hakama Sidi-Ali, explained that the commemorative ₦100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote.
The apex bank strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 banknote.
It stated that such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.
The Bank therefore warned that it will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.
The Bank also said it remains committed to safeguarding the integrity of the Naira, ensuring confidence in all duly issued banknotes, and promoting smooth currency circulation across the country.
Accordingly, members of the public are urged to accept and transact with all banknotes legally issued by the Central Bank of Nigeria.
For further clarification, members of the public are also advised to contact the CBN through its official communication channels.
CBN will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.
