The Central Bank of Nigeria (CBN) has warned individuals and businesses against refusing to accept N100 banknotes, saying both the standard and commemorative versions remain valid legal tender nationwide.
In a circular issued on Wednesday and signed by Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank said the clarification became necessary following reports that some traders and service providers were rejecting certain N100 notes in transactions. The CBN stressed that refusing the notes contravenes the Central Bank of Nigeria Act, 2007, and undermines public confidence in the national currency.
The bank stated that for the avoidance of doubt, both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide. It explained that the commemorative N100 note, issued to mark Nigeria’s centenary in 2014, was not designed to replace the existing standard N100 note. Both versions, it said, are acceptable for all financial and commercial transactions across the country. The CBN also directed Deposit Money Banks to continue dispensing N100 notes to customers through all approved payment channels.
The apex bank further cautioned that rejecting the notes amounts to a breach of the law. “The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency,” it stated. “The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” the circular added.
The latest advisory comes amid recurring misinformation about Nigeria’s currency notes. Last year, the CBN debunked a viral social media circular falsely claiming the introduction of new N5,000 and N10,000 denominations. The bank described the message as fake and urged the public to rely only on information released through its official channels. The CBN urged Nigerians to continue accepting and transacting with all banknotes officially issued by the Bank.
