- Says standard banknotes remain legal tender
The Central Bank of Nigeria (CBN) says both the standard ₦100 note and the centenary commemorative ₦100 note remain valid legal tender and must be accepted for all financial transactions in the country.
Accordingly, the apex Bank has warned members of the public, businesses, and other stakeholders against rejecting the standard ₦100 banknote
In an official statement issued by the Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, the apex bank threatened strict sanctions against individuals, traders, businesses, and financial institutions that go against its official directives.
The clarification became necessary amid growing public misconceptions and market anxieties that the standard note was being phased out or no longer valuable as an official banknote.
Mrs Sidi-Ali, explained that the commemorative ₦100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote, and must therefore be accepted for all transactions across the country.
Strongly cautioning individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 banknote, the statement said such action 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 said
The statement said the apex Bank remains committed to safeguarding the integrity of the Naira, ensuring confidence in all duly issued banknotes, and promoting smooth currency circulation across the country.
While urging members of the public to accept and transact with all banknotes legally issued by CBN, the statement said: “For further clarification, members of the public are also advised to contact the CBN through its official communication channels.”
