CBN Clarifies Legal Tender Status of ₦100 Banknotes

The Central Bank of Nigeria has clarified the legal Tender Status of N100 Banknotes warning that the banknotes is legally valid

In a statement issued on Wednesday by Hakama Sidi Ali(Mrs), the acting Director of Corporate Communications,
the Central Bank of Nigeria (CBN) said its attention has been drawn to reports of the
rejection of the standard ₦100 banknote by some members of the public, businesses,
and other stakeholders, apparently due to doubts about its continued legal tender
status.

The statement continued,”For the avoidance of doubt, the CBN hereby reiterates that both the commemorative
₦100 banknote and the standard ₦100 banknote remain legal tender in Nigeria and
must be accepted for all transactions nationwide. The commemorative ₦100
banknote, which was introduced to mark Nigeria’s centenary, did not replace the
existing standard ₦100 banknote.”

The CBN strongly cautions individuals, businesses, financial institutions, and other
economic agents against rejecting the standard ₦100 banknote. Such rejection
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 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.
Accordingly, members of the public are urged to accept and transact with all banknotes
legally issued by the Central Bank of Nigeria.”the statement added

“For further clarification, members of the public are also advised to contact the CBN
through its official communication channels.”the statement concluded