CBN Clarifies Status Of ₦100 Notes In Nigeria

The Central Bank of Nigeria (CBN) has reaffirmed that the standard ₦100 banknote remains legal tender and must be accepted for all financial transactions across the country.

The apex bank also clarified that both the standard ₦100 note and the commemorative ₦100 banknote issued to mark Nigeria’s centenary are valid legal tender and can be used interchangeably for payments nationwide.

The clarification was contained in a statement issued on Wednesday by the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali, following reports that some individuals, businesses, and other stakeholders had begun rejecting the standard ₦100 note over doubts about its legal status.

According to the CBN, the misconception appears to have created unnecessary confusion among members of the public, prompting the bank to reassure Nigerians that there has been no directive withdrawing the standard ₦100 banknote from circulation.

The apex bank explained that the commemorative ₦100 note, introduced to celebrate Nigeria’s centenary, was designed to circulate alongside the existing standard note and was never intended to replace it.

It stressed that both versions remain valid and retain the same legal status under Nigerian law.

The CBN warned that refusing to accept the standard ₦100 note is a violation of the provisions of the CBN Act and could attract regulatory sanctions.

The bank urged individuals, business owners, financial institutions, traders, transport operators, and other economic participants to continue accepting both versions of the ₦100 note without discrimination.

According to the statement, the rejection of any valid Nigerian banknote undermines public confidence in the country’s currency and disrupts smooth commercial activities.

The statement read in part: “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.”

The CBN further warned that it would not hesitate to invoke the appropriate enforcement measures against any individual or organization found to be unlawfully rejecting the standard ₦100 note.

The latest clarification is expected to dispel uncertainty surrounding the circulation of the ₦100 banknote and reinforce public confidence in the continued validity of all officially recognized Nigerian currency notes.