CBN Says Standard N100 Note Remains Legal Tender

The Central Bank of Nigeria has told Nigerians that the standard N100 note is still legal tender and must be accepted for transactions across the country.

The clarification followed reports that some people and businesses were rejecting the standard note because they were unsure whether it remained valid after the commemorative N100 note was introduced.

In a statement attributed to Acting Director of Corporate Communications Hakama Sidi-Ali, the CBN said both the standard N100 banknote and the commemorative N100 banknote remain legal tender.

The bank said the commemorative note, introduced for Nigeria’s centenary, did not replace the existing standard note. It warned individuals, businesses, financial institutions and other economic agents not to reject the standard note.

The CBN said rejection of the note violates the CBN Act and weakens confidence in the naira. It added that it could apply enforcement measures against anyone found breaching the rule.

Sources: Vanguard, Daily Post, Channels TV