CBN Reaffirms Validity of Standard, Commemorative ₦100 Notes as Legal Tender

CBN Reaffirms Validity of Standard, Commemorative ₦100 Notes as Legal Tender

The Central Bank of Nigeria (CBN) has reaffirmed that both the standard ₦100 banknote and the commemorative ₦100 note remain legal tender, warning that rejecting either of the notes is a violation of the law.

The clarification was contained in a statement issued by the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, following reports that some individuals, businesses and financial institutions were refusing to accept the standard ₦100 banknote over concerns about its legal status.

According to the apex bank, the commemorative ₦100 note, introduced to mark Nigeria’s centenary, was issued alongside the existing standard ₦100 note and did not replace it.

The CBN stressed that both versions of the ₦100 banknote remain valid for all financial transactions across the country.

The Bank warned that any individual, business or financial institution that refuses to accept either of the notes is in violation of the provisions of the CBN Act and may face appropriate enforcement actions.

The apex bank reiterated its commitment to protecting the integrity of the naira and ensuring the seamless circulation of all duly issued Nigerian banknotes.

It urged members of the public to continue accepting and using all CBN-issued banknotes for transactions, adding that anyone requiring further clarification should contact the Bank through its official communication channels.

CBN Reaffirms Validity of Standard, Commemorative ₦100 Notes as Legal Tender