The Central Bank of Nigeria (CBN) has warned that it will impose sanctions on individuals, businesses and financial institutions that reject the standard N100 banknote, insisting that both the commemorative and standard N100 notes remain legal tender across the country.
The apex bank issued the warning on Wednesday following reports that some traders and business operators had refused to accept the standard N100 note over claims that it was no longer valid for transactions.
In a statement signed by its acting director of Corporate Communications, Hakama Sidi Ali, the CBN described the rejection of the note as a violation of the CBN Act, warning that such actions undermine public confidence in the nation’s currency.
According to the bank, the standard N100 banknote and the commemorative N100 note introduced to mark Nigeria’s centenary remain valid and must be accepted for all transactions nationwide.
The CBN explained that the commemorative N100 banknote was introduced solely to celebrate Nigeria’s 100 years as a nation and was never intended to replace the existing standard N100 note in circulation.
It stressed that any refusal to accept the standard N100 banknote is unlawful and warned that appropriate enforcement measures would be taken against anyone found violating the law.
“The Central Bank of Nigeria 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 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 Bank remains committed to safeguarding the integrity of the naira, ensuring confidence in all duly issued banknotes and promoting smooth currency circulation across the country,” the statement said.
The apex bank reaffirmed its commitment to protecting the integrity of the naira, maintaining public confidence in all duly issued banknotes and ensuring the seamless circulation of currency across the country.
It also urged Nigerians to continue accepting all banknotes officially issued by the Central Bank of Nigeria for transactions and advised members of the public seeking further clarification to contact the bank through its official communication channels.
