CBN Clarifies Status Of ₦100 Notes In Nigeria

The Central Bank of Nigeria (CBN), has declared that the ₦100 bank notes remain a legal tender for all transactions in Nigeria.

The apex bank noted that both the commemorative ₦100 banknote and the standard ₦100 note remain acceptable for all transactions in Nigeria.

Naija News reports that the clarification was made in a statement on Wednesday, signed by the CBN Acting Director of Corporate Communications, Hakama Sidi-Ali.

The CBN explained that the clarification became necessary following reports that some members of the public, businesses, and other stakeholders were having doubts about its continued legal status.

The bank warned members of the public against rejecting the ₦100 notes, as such rejection is a violation of the CBN Act.

The Apex bank warned that it will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.

Part of the CBN statement issued on Wednesday reads: “The attention of the Central Bank of Nigeria (CBN) has been drawn to reports of the rejection of the standard ₦100 banknote by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status.

“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative ₦100 banknote and the standard ₦100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide.

“The commemorative ₦100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote.

“The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 banknote.

“Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.”