The Central Bank of Nigeria (CBN) has warned individuals, businesses and financial institutions against rejecting the standard N100 banknote, saying offenders risk sanctions for violating the law and undermining confidence in the national currency.
The warning follows reports that some members of the public and businesses have refused to accept the standard N100 note over concerns that it is no longer legal tender.
In a statement issued on Tuesday by Hakama Sidi-Ali, acting director of Corporate Communications, the apex bank clarified that both the commemorative N100 banknote introduced to mark Nigeria’s centenary and the standard N100 banknote remain legal tender and must be accepted for all transactions across the country.
The CBN stressed that the commemorative N100 banknote did not replace the existing standard N100 banknote, contrary to the misconception that has led to the rejection of the older note in some transactions.
“The Central Bank of Nigeria 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 bank said.
