By Sandra Kenneth
The Central Bank of Nigeria has issued a stern warning to the public, businesses, and financial institutions to stop rejecting the standard ₦100 banknote, declaring that violators will face strict enforcement measures under the CBN Act.
The apex bank’s directive follows widespread reports of merchants and individuals refusing the standard note due to confusion over its legal status following the introduction of the commemorative ₦100 banknote.
In a press statement released on Wednesday, the Acting Director of Corporate Communications, Hakama Sidi-Ali, clarified that both versions of the ₦100 bill remain valid for transactions nationwide.
“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative ₦100 banknote and the standard ₦100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide,” Sidi-Ali stated.
The bank explained that the commemorative ₦100 note—issued in 2014 to mark the centenary of Nigeria’s 1914 amalgamation—was launched alongside the existing currency, not as its replacement.
Citing provisions of the CBN Act, the regulator warned that rejecting legally issued currency undermines confidence in the naira and constitutes a punishable offense.
“The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” the statement added.
The CBN urged Nigerians to continue accepting all legally issued banknotes to ensure smooth economic activity and advised anyone seeking further clarification to reach out through its official communication channels.
