The Central Bank of Nigeria (CBN) has cautioned members of the public, businesses and financial institutions against rejecting the standard N100 banknote, stressing that both the existing and commemorative versions of the denomination remain legal tender across the country.
The apex bank issued the clarification following reports that some traders, transport operators and other businesses had refused to accept the standard N100 note, creating confusion among members of the public and disrupting cash transactions.
In a statement, the CBN reaffirmed that all officially issued N100 banknotes, including the standard note and the commemorative version introduced to mark the bank’s centenary, are valid for everyday transactions and should be accepted without discrimination.
The bank warned that refusing to accept any genuine N100 note issued by the CBN is contrary to the provisions of Nigerian law governing legal tender and the circulation of currency.
According to the apex bank, both versions of the N100 note were duly issued by the CBN and retain the same monetary value. The public was therefore urged to disregard misinformation suggesting that one version has been withdrawn or is no longer acceptable for transactions.
The CBN explained that commemorative banknotes are introduced to mark significant national milestones but do not replace or invalidate existing notes of the same denomination. Instead, they circulate alongside the standard notes and carry equal legal status.
The bank appealed to traders, commercial transport operators, market associations, businesses and members of the public to continue accepting all authentic N100 notes in circulation, provided they are genuine and fit for use.
It also urged Nigerians to verify information about the status of currency through official CBN channels rather than relying on rumours circulating on social media or other unofficial platforms.
The clarification comes amid renewed efforts by the apex bank to promote confidence in Nigeria’s currency and ensure the smooth circulation of legal tender across the country.
Financial experts note that the rejection of legitimate banknotes can disrupt commercial activities, inconvenience consumers and undermine public confidence in the nation’s payment system. They urged businesses to familiarise themselves with the features of genuine Nigerian currency to avoid unnecessary disputes during transactions.
The CBN reiterated its commitment to maintaining the integrity of the nation’s currency and ensuring that all legal tender issued by the bank continues to facilitate seamless economic activities.
The apex bank advised members of the public who encounter individuals or businesses refusing to accept genuine N100 notes to report such incidents to the appropriate authorities or the CBN for necessary action.
By reaffirming the legal status of both versions of the N100 note, the CBN aims to eliminate public confusion and ensure that cash transactions continue without unnecessary interruptions across Nigeria.
