CBN warns against rejecting N100 note, threatens sanctions

The Central Bank of Nigeria has warned businesses, financial institutions and members of the public against rejecting the standard ₦100 banknote, insisting that it remains legal tender and that offenders risk sanctions under the law.

The apex bank issued the clarification following reports that some traders and businesses had refused to accept the regular ₦100 note over claims that only the commemorative version is valid for transactions.

In a statement on Wednesday, the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali, said both the standard and commemorative ₦100 notes are recognised as legal tender and must be accepted for payments nationwide.

The bank explained that the commemorative ₦100 note, introduced in 2014 to mark Nigeria’s centenary, was not designed to replace the existing note but to circulate alongside it.

According to the CBN, rejecting any banknote it has officially issued violates the provisions of the CBN Act and undermines confidence in the country’s currency.

It warned that appropriate enforcement measures would be taken against individuals or organisations that refuse to accept the standard ₦100 note or encourage practices capable of disrupting the circulation of the naira.

The bank also urged Nigerians to disregard misinformation suggesting that the regular ₦100 note is no longer valid, stressing that both versions remain acceptable for all commercial and financial transactions.

The CBN reaffirmed its commitment to maintaining public confidence in the naira and ensuring the smooth circulation of all banknotes issued by the apex bank as part of its mandate to promote a stable and efficient payment system.

It advised members of the public seeking further clarification to contact the bank through its official communication channels.