CBN warns against rejection of N100 Note, says it remains legal tender

The Central Bank of Nigeria (CBN) has reaffirmed that all N100 banknotes issued by the apex bank remain legal tender and must be accepted for transactions across the country.

The clarification was contained in a circular issued on Wednesday and signed by Hakama Sidi-Ali, Acting Director of Corporate Communications.

According to the CBN, the statement became necessary following reports that some individuals and businesses have been refusing to accept certain N100 notes in commercial transactions.

What they are saying

The apex bank urged deposit money banks, businesses, and the general public to continue accepting all N100 banknotes without discrimination, stressing that any refusal to do so contravenes the provisions of the Central Bank of Nigeria Act, 2007.

• “For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide.
• “The commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote,” the bank stated.

The CBN emphasized that both versions of the N100 note are valid for all financial and commercial transactions across the country.

More insights

The apex bank also instructed deposit money banks to continue dispensing N100 banknotes to customers through all approved payment channels.

It warned that rejecting the notes undermines confidence in the national currency and constitutes a breach of the law.

• “The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.
• “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 and transacting with all banknotes officially issued by the Bank.

What you should know

The clarification comes amid recurring misinformation surrounding Nigeria’s currency notes.

Last year, the CBN debunked a viral circular circulating on social media that falsely claimed the Bank had introduced new N5,000 and N10,000 denominations for circulation.

The apex bank described the circular as fake and advised members of the public to rely only on information released through its official communication channels.