CBN: Standard N100 note remains legal tender

n n

Emma Ujah, Abuja Bureau Chief

n

The Central Bank of Nigeria (CBN) has reiterated that the N100 Standard Note remains legal tender and must be accepted for all transactions.

n

The Bank, in a statement by its Ag. Director, Corporate Communications, Mrs. Hakama Sidi-Ali, yesterday, said the clarification became necessary following reports that some members of the public were rejecting the note.

n

The statement reads in full, “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.

n

“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard ₦100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide.

n

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

n

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

n

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

n

“The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.

n

“The Bank remains committed to safeguarding the integrity of the Naira, ensuring confidence in all duly issued banknotes, and promoting smooth currency circulation
across the country.

n

“Accordingly, members of the public are urged to accept and transact with all banknotes legally issued by the Central Bank of Nigeria.

n

“For further clarification, members of the public are also advised to contact the CBN through its official communication channels.”

n n