By Our Correspondent
The Central Bank of Nigeria (CBN) has warned Nigerians, businesses, and financial institutions against rejecting the standard N100 banknote, stating that it remains legal tender and must be accepted for all payments across the country.
The apex bank issued the clarification following reports that some members of the public had refused to accept the standard N100 note after the introduction of the commemorative N100 banknote released to celebrate Nigeria’s centenary.
In a statement, the CBN explained that both the standard and commemorative N100 banknotes are valid legal tender and are expected to circulate side by side. It noted that neither version has been withdrawn from circulation, and both carry the same value.
The bank stressed that there is no directive requiring Nigerians to reject the standard N100 note, urging the public to disregard misleading information suggesting otherwise.
The CBN also reminded banks, traders, transport operators, retailers, and other businesses of their obligation to accept all genuine N100 banknotes issued by the apex bank. It warned that refusing to accept the standard note could disrupt commercial activities and create unnecessary hardship for members of the public.
According to the bank, the commemorative N100 note was introduced solely to mark Nigeria’s 100 years as a unified nation and does not replace the standard version already in circulation.
The apex bank called on Nigerians to continue using both versions of the N100 note with confidence, assuring the public that they remain fully valid for purchases, deposits, withdrawals, and every other legitimate financial transaction.
The CBN reiterated its commitment to maintaining public confidence in the nation’s currency and urged citizens to report any individual or business that unlawfully refuses to accept the standard N100 banknote.
The clarification is expected to address public concerns and ensure the smooth circulation of both versions of the N100 note across Nigeria.
