By Editor
The Central Bank of Nigeria (CBN) has warned that it will sanction individuals, businesses and financial institutions that refuse to accept the standard ₦100 banknote, reaffirming that both the regular and commemorative versions of the note remain legal tender across the country.
The apex bank issued the warning on Wednesday following reports that some traders and business operators had rejected the standard ₦100 note, claiming it was no longer valid for transactions.
In a statement signed by its Acting Director of Corporate Communications, Hakama Sidi Ali, the CBN described the practice as unlawful, stressing that rejecting any duly issued banknote undermines public confidence in the nation's currency and violates the provisions of the CBN Act.
According to the bank, the commemorative ₦100 note introduced to mark Nigeria's centenary was designed to circulate alongside the existing standard ₦100 note and was never intended to replace it.
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| Standard/ Regular note |
The CBN therefore urged Nigerians to continue accepting both versions of the ₦100 note for all transactions nationwide.
The apex bank warned that anyone found rejecting the standard ₦100 banknote would face appropriate enforcement measures in line with the law.
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| Commemorative note |
The CBN also advised members of the public seeking further clarification on the status of any banknote to contact the bank through its official communication channels.