The Central Bank of Nigeria (CBN) has reaffirmed that all N100 banknotes issued by the apex bank remain legal tender and must be accepted for transactions across the country.
The clarification was contained in a circular issued on Wednesday and signed by Hakama Sidi-Ali, Acting Director of Corporate Communications.
According to the CBN, the statement became necessary following reports that some individuals and businesses have been refusing to accept certain N100 notes in commercial transactions.
The CBN called on deposit money banks, businesses, and the general public to continue accepting all N100 banknotes without discrimination, as any refusal to do so contravenes the provisions of the Central Bank of Nigeria Act, 2007.
“For the avoidance of doubt, the CBN 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 commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote,” the bank stated.
The CBN emphasised that both versions of the N100 note are valid for all financial and commercial transactions across the country.
The apex bank also instructed deposit money banks to continue dispensing N100 banknotes to customers through all approved payment channels and warned that rejecting the notes undermines confidence in the national currency and constitutes a breach of the law.
