CBN Warns Against Rejecting Standard 100 Naira Note

The Central Bank of Nigeria (CBN) has warned that rejecting the standard 100 Naira banknote breaks the law and could weaken public trust in the Naira.

The Central Bank of Nigeria (CBN) has advised the public, businesses and other stakeholders to accept the standard ₦100 banknote, stressing that it remains legal tender across the country. The warning follows reports that some individuals and commercial organisations have refused to accept the note because of misunderstandings about its legal status.

In its statement, the apex bank said, “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 CBN explained that the commemorative ₦100 banknote, introduced to celebrate Nigeria’s centenary, did not replace the existing standard ₦100 banknote. Instead, both versions remain valid for everyday transactions. The ₦100 banknote therefore continues to hold the same legal status as other banknotes issued by the bank.

The statement, signed by Hakama Sidi-Ali, Acting Director of Corporate Communications, warned that refusing to accept the standard ₦100 banknote violates the provisions of the CBN Act. It also stated, “The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.”

The Central Bank of Nigeria reaffirmed its commitment to protecting the integrity of the Naira and ensuring that all officially issued banknotes remain in smooth circulation nationwide. It also encouraged members of the public to continue using every legally issued banknote without hesitation. For additional information, the bank advised people to contact the CBN through its official communication channels.

What steps do you think can help improve public awareness about the legal status of Nigeria’s banknotes?