CBN warns against rejection of standard N100 notes

The Central Bank of Nigeria (CBN) has warned members of the public, businesses and financial institutions against rejecting the standard N100 banknote, reaffirming its legal tender across the country.

The CBN issued the clarification in a statement made available to newsmen on Wednesday by Mrs Hakama Sidi-Ali, Acting Director, Corporate Communications.

This followed reports that some individuals and businesses had refused to accept the note over doubts about its validity.

According to the CBN, both the commemorative N100 banknote introduced to mark Nigeria’s centenary and the standard N100 banknote remain legal tender and must be accepted for all transactions nationwide.

The bank explained that the commemorative note was introduced as a special issue and did not replace the existing standard N100 note already in circulation.

The CBN therefore, cautioned that rejecting the standard N100 banknote amounts to a violation of the provisions of the CBN Act and could undermine public confidence in the national currency.

The CBN said it would not hesitate to apply appropriate enforcement measures against any individual or organisation found to be rejecting the note.

The bank reaffirmed its commitment to protecting the integrity of the Naira, maintaining confidence in all duly issued banknotes and ensuring smooth currency circulation across the country.

It urged Nigerians to continue accepting and transacting with all banknotes legally issued by the CBN.

The apex bank also advised members of the public seeking further clarification to contact it through its official communication channels.