The Central Bank of Nigeria (CBN) on Wednesday warned members of the public against rejecting the ₦100 banknote as a legal tender.
The apex bank said the warning became necessary after its attention was drawn to reports of the rejection of the standard currency by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status.
“For the avoidance of doubt, the CBN hereby reiterates 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 spokesperson who is the acting Director, Corporate Communications of the Bank, Hakama Sidi-Ali, said in a statement in Abuja.
“The commemorative ₦100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the
existing standard ₦100 banknote.
“The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 banknote.
“Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency,” she clarified.
She warned that the Bank would not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach of the law.
The Bank, she said, 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, she urged members of the public to continue to accept and transact business with all banknotes legally issued by the Central Bank of Nigeria.
