The CBN has warned against rejecting the standard N100 banknote, stating that both the standard and commemorative versions remain legal tender and must be accepted nationwide.
The Central Bank of Nigeria (CBN) has warned individuals, businesses and financial institutions against rejecting the standard N100 banknote, clarifying that both the standard and commemorative versions of the note remain legal tender and must be accepted for all transactions nationwide.
The warning was issued on Wednesday in a statement by Hakama Sidi Ali, CBN Acting Director of Corporate Communications, after the apex bank said its attention had been drawn to reports of widespread rejection of the standard N100 note over concerns about its validity.
Both N100 notes are legal tender, CBN clarifies
The CBN moved to put the controversy to rest, reiterating the legal status of both versions of the note.
“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 apex bank said.
“The commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote.”
Violators face enforcement action under CBN Act
The apex bank said rejecting the standard N100 note constitutes a violation of the provisions of the CBN Act and warned that it would apply appropriate enforcement measures against any person or entity found to be doing so.
“The Bank remains committed to safeguarding the integrity of the naira, ensuring confidence in all duly issued banknotes, and promoting smooth currency circulation across the country,” the statement reads.
The CBN urged members of the public to continue accepting and transacting with all banknotes legally issued by the bank and advised those seeking clarification to contact it through its official communication channels.
The commemorative N100 banknote was unveiled by former President Goodluck Jonathan in 2014 to mark 100 years of Nigeria’s amalgamation. Its introduction did not replace the existing standard N100 note, but the coexistence of two versions of the same denomination has apparently generated confusion among some members of the public and businesses in the years since.
The CBN’s intervention follows a pattern of periodic clarifications on currency matters. In 2023, the apex bank directed all its branches to continue issuing and accepting all denominations of Nigerian banknotes both old and redesigned to and from deposit money banks (DMBs), following confusion that arose from the naira redesign exercise targeting the N200, N500 and N1,000 denominations. Wednesday’s statement extends that posture of reassurance to the N100 note, signalling that the CBN will not tolerate selective acceptance of legally issued currency regardless of public perception about a note’s validity.
