By Our Correspondent
The Central Bank of Nigeria (CBN) has warned Nigerians, businesses, and service providers against rejecting the standard ₦100 banknote, stating that it remains legal tender and must be accepted for all transactions across the country.
The apex bank said refusing to accept any genuine naira note issued by the CBN is a violation of the law and could lead to enforcement actions against those involved. It stressed that all valid denominations of the naira have equal legal status and should be accepted without discrimination.
According to the CBN, the warning followed reports that some traders, transport operators, and other business owners have been refusing to accept the standard ₦100 banknote during commercial transactions. The bank described the practice as unlawful and capable of causing unnecessary inconvenience to members of the public.
The CBN explained that every banknote it issues remains legal tender unless it has been officially withdrawn from circulation. It urged Nigerians to ignore false or misleading information suggesting that the standard ₦100 note is no longer valid for use.
The bank called on market associations, transport unions, financial institutions, and business operators to educate their members on the need to accept all genuine naira notes. It said compliance with the law would help ensure smooth business transactions and maintain public confidence in the country’s financial system.
The apex bank also encouraged members of the public to report cases where valid naira notes are rejected without lawful justification. It noted that such reports would assist the relevant authorities in identifying and addressing violations of the law.
The CBN warned that individuals or businesses found deliberately rejecting genuine naira notes could face sanctions in line with existing legal provisions. It added that enforcement efforts would continue to discourage the practice and ensure compliance across the country.
The bank urged Nigerians to handle the naira with care and support efforts aimed at preserving the integrity and acceptance of the nation’s currency. It said public cooperation remains essential to maintaining an efficient and reliable payment system.
