CBN Warns Against Rejection of Standard N100 Banknote

The Central Bank of Nigeria (CBN) issued a warning to Nigerians regarding the rejection of the standard N100 banknote, stating that such actions violate the CBN Act and undermine confidence in the nation's currency. The apex bank's statement was prompted by reports of widespread rejection of the standard N100 note by members of the public and commercial entities, attributed to misconceptions about its legal tender status.

The CBN reiterated that the standard N100 banknote remains legal tender in Nigeria and should be accepted for transactions nationwide. The commemorative N100 banknote was introduced to mark Nigeria's centenary celebration and does not replace the existing standard N100 banknote.

Hakama Sidi Ali, the Director of Corporate Communications at CBN, warned that rejecting the standard N100 note constitutes a breach of the CBN Act, and the bank will not hesitate to apply appropriate enforcement measures against individuals or entities found in violation. The CBN reaffirmed its commitment to safeguarding the integrity of the naira and ensuring the smooth circulation of duly issued banknotes across the country.