The Central Bank of Nigeria (CBN) on Wednesday said that the standard N100 banknote remains legal tender and must be accepted for transactions across the country.
In a statement by Hakama Sidi-Ali, CBN acting director of corporate communications, the apex bank said its attention had been drawn to reports that some individuals and businesses were rejecting the standard N100 note over concerns about its validity.
The CBN clarified that both the standard N100 banknote and the commemorative N100 banknote issued to mark Nigeria’s centenary are legal tender.
“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide,” CBN said.
“The commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote.”
The CBN warned individuals, businesses, financial institutions and other economic agents against rejecting the standard N100 note, describing the practice as a violation of the provisions of the CBN Act.
The apex bank said it would apply appropriate enforcement measures against any person or entity found to be rejecting the note.
“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,” the statement reads.
The CBN urged members of the public to continue accepting and transacting with all banknotes legally issued by the bank and advised those seeking clarification to contact it through its official communication channels.
In 2014, former President Goodluck Jonathan unveiled the commemorative N100 banknote.
The note was issued to commemorate 100 years of the nation’s amalgamation.