CBN Reaffirms Validity of ₦100 Note, Warns Against Rejection

The Central Bank of Nigeria (CBN) issued a statement reaffirming that the standard ₦100 banknote is a valid legal tender and warned individuals and businesses against refusing to accept it. This warning follows reports that traders and business stakeholders began rejecting the note due to uncertainty surrounding its legal status.

CBN's Director of Corporate Communications, Hakama Sidi Ali, emphasized that the standard ₦100 banknote, which commemorates Nigeria's centenary, remains legal for financial transactions across the country. The CBN clarified that the commemorative note is intended to celebrate Nigeria's 100 years of amalgamation and does not replace the standard ₦100 note already in circulation.

The bank cautioned that rejecting the standard note violates the provisions of the CBN Act, and it will enforce appropriate measures against those found in breach. The CBN reassured the public that there is no change in the legal tender status of the standard ₦100 note and encouraged compliance with existing laws governing legal tender.