The Central Bank of Nigeria (CBN) has warned Nigerians, businesses and financial institutions against rejecting the standard N100 banknote, stressing that the currency remains valid for all transactions nationwide.

The warning followed reports that some members of the public and businesses had started refusing the standard N100 note due to confusion over the status of the commemorative N100 banknote introduced by the apex bank.

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In a statement issued on Wednesday by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the CBN clarified that both the standard and commemorative versions of the N100 note remain legal tender.

The bank said the commemorative N100 banknote, introduced in 2014 to mark Nigeria’s centenary anniversary, was issued alongside the existing note and was never intended to replace it.

“The attention of the Central Bank of Nigeria has been drawn to reports of the rejection of the standard N100 banknote by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status,” the statement read.

The apex bank further stated that both versions of the currency must be accepted for transactions across the country.

“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,” it added.

The CBN explained that the centenary note was created as a commemorative issue to celebrate 100 years since Nigeria’s amalgamation in 1914 and did not invalidate the existing N100 currency.

The bank also cautioned businesses, financial institutions and other economic agents that refusing to accept the standard note violates provisions of the CBN Act.

“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 statement said.

The apex bank warned that appropriate enforcement measures would be taken against individuals or organisations found to be violating the law.

The clarification is aimed at preventing further confusion among Nigerians and ensuring confidence in the naira as the country continues efforts to maintain smooth currency circulation.

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The CBN urged members of the public to continue accepting all legally issued banknotes and advised those seeking further clarification to use its official communication channels.