The Central Bank of Nigeria (CBN) has warned individuals, businesses, financial institutions, and other economic agents rejecting the standard ₦100 banknote that they risk enforcement action.
The apex bank said it would not hesitate to apply appropriate measures against any person or organisation found violating provisions of the CBN Act by refusing to accept the currency.
The warning followed reports that some members of the public and businesses had declined the standard ₦100 note over doubts about its validity as legal tender.
In a statement, the CBN clarified that both the commemorative ₦100 banknote and the standard ₦100 banknote remain valid legal tender and must be accepted for all transactions nationwide.
The bank explained that the commemorative ₦100 note, introduced in 2014 to mark Nigeria’s centenary celebration, did not replace the existing standard ₦100 note.
The CBN urged Nigerians to disregard claims suggesting that the standard ₦100 banknote was no longer acceptable, stressing that all duly issued banknotes remain valid until officially withdrawn.
“Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency,” the statement read.
The apex bank added that it remained committed to protecting the integrity of the naira, ensuring confidence in all legally issued banknotes, and promoting smooth currency circulation across the country.
It advised members of the public seeking further clarification to contact the CBN through its official communication channels.
