CBN warns against rejection of standard ₦100 note, threatens sanctions

The Central Bank of Nigeria has reassured Nigerians that the standard ₦100 banknote remains a valid legal tender, warning that any individual or business refusing to accept it for transactions is acting contrary to the law and could face sanctions.

The apex bank issued the clarification in a statement signed by its Director of Corporate Communications, Hakama Sidi-Ali, following reports that some traders, businesses and other stakeholders had begun rejecting the standard ₦100 note over uncertainty surrounding its legal status.

According to the CBN, the misinformation has created unnecessary confusion among members of the public, prompting the bank to reaffirm the legal status of all duly issued ₦100 banknotes currently in circulation.

Standard and commemorative notes remain valid

The CBN explained that both the standard ₦100 banknote and the commemorative ₦100 banknote introduced to celebrate Nigeria’s centenary remain legal tender and must be accepted for all financial transactions across the country.

It stressed that the commemorative note was introduced as a special edition to mark the country’s 100 years of amalgamation and was never intended to replace or invalidate the standard ₦100 note already in circulation.

The bank noted that both versions of the denomination have equal value and are recognised under Nigerian law as official currency issued by the Central Bank of Nigeria.

CBN warns businesses against rejection

The apex bank cautioned individuals, businesses, financial institutions and other economic agents against rejecting the standard ₦100 banknote, stressing that such actions violate the provisions of the CBN Act.

It warned that refusing to accept any legally issued banknote undermines public confidence in the nation’s currency and disrupts the smooth circulation of cash within the economy.

According to the statement, all persons and organisations are expected to recognise and accept every banknote legally issued by the CBN regardless of whether it is the standard or commemorative version.

“The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” the statement said.

Commitment to confidence in the naira

The Central Bank reiterated its commitment to protecting the integrity of the naira and ensuring that all officially issued banknotes continue to circulate without unnecessary restrictions.

It said maintaining public confidence in the national currency remains one of its core responsibilities and assured Nigerians that there has been no change in the legal tender status of the standard ₦100 note.

The bank urged members of the public to disregard rumours suggesting otherwise and continue to use both versions of the ₦100 note for everyday transactions.

Public advised to seek official clarification

The CBN further advised Nigerians to rely only on information released through its official communication channels whenever questions arise regarding the country’s currency.

It encouraged the public to report cases where businesses or individuals refuse to accept the standard ₦100 banknote and reminded all economic stakeholders of their responsibility to comply with existing laws governing legal tender.

“Accordingly, members of the public are urged to accept and transact with all banknotes legally issued by the Central Bank of Nigeria.

“For further clarification, members of the public are also advised to contact the CBN through its official communication channels,” the statement added.