By Ayomide Otitoju
The Central Bank of Nigeria (CBN) has clarified that both the standard ₦100 banknote and the commemorative ₦100 note remain legal tender and must be accepted for all transactions across the country.
The clarification followed reports that some individuals, businesses and other stakeholders have been rejecting the standard ₦100 note over concerns about its legal status.
In a statement, the apex bank stressed that the commemorative ₦100 note, introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote.
The CBN warned members of the public, businesses, financial institutions and other economic agents against rejecting the standard ₦100 note, describing such actions as a violation of the provisions of the CBN Act and detrimental to public confidence in the national currency.
The bank said it would not hesitate to enforce appropriate sanctions against any individual or organisation found rejecting the note.
Reaffirming its commitment to safeguarding the integrity of the naira, the CBN urged Nigerians to continue accepting and transacting with all banknotes legally issued by the apex bank.
It also advised members of the public seeking further clarification to contact the CBN through its official communication channels.
