The Central Bank of Nigeria (CBN) has warned individuals, businesses and financial institutions against rejecting the N100 banknotes.
The Acting Director of the Corporate Communications Department of the central bank, Hakama Sidi-Ali, in a statement on Wednesday, said both the commemorative N100 banknote and the standard N100 banknotes remain legal tender in Nigeria and must be accepted for all transactions nationwide.
“The commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknotes.
“The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknotes,” the apex bank said.
Recently, there have been reports of rejection of the standard N100 note by some members of the public, businesses, and other stakeholders due to doubts about its continued legal tender status.
The apex bank said such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.
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“The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” it said.
The CBN said it remains committed to safeguarding the integrity of the Naira, ensuring confidence in all duly issued banknotes, and promoting smooth currency circulation across the country.
“Accordingly, members of the public are urged to accept and transact with all banknotes legally issued by the Central Bank of Nigeria.
“For further clarification, members of the public are also advised to contact the CBN through its official communication channels,” the apex bank said.
