The Central Bank of Nigeria (CBN) has reminded Nigerians that both the standard N100 banknote and the commemorative N100 note remain legal tender, warning against the rejection of either note during transactions.
The clarification comes after reports that some traders, businesses and individuals had refused to accept the standard N100 note over claims that it was no longer valid.
In a statement issued on Wednesday by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the apex bank said the misinformation had created unnecessary confusion and needed to be addressed.
According to the CBN, the commemorative N100 note introduced to celebrate Nigeria’s centenary was never designed to replace the existing standard N100 note.
“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 statement read.
The bank warned that refusing to accept the standard N100 note violates the provisions of the CBN Act and could undermine public confidence in Nigeria’s currency.
It added that appropriate enforcement measures would be taken against any individual or organisation found rejecting the note.
Source: Central Bank of Nigeria (CBN)
