The Central Bank of Nigeria (CBN) has moved to end growing confusion surrounding the circulation of the N100 banknote, reaffirming that both the standard N100 note and the commemorative N100 note remain valid legal tender across the country. The clarification comes after reports emerged that some businesses and individuals were refusing to accept the standard N100 note, raising concerns among Nigerians about the legitimacy of the currency.
In a statement issued by Hakama Sidi-Ali, Acting Director of Corporate Communications at the CBN, the apex bank stressed that the commemorative N100 note introduced to celebrate Nigeria’s centenary did not replace the regular N100 banknote. According to the bank, both versions were officially issued by the CBN and are legally recognized for all transactions nationwide.
The CBN expressed concern over the increasing cases of rejection of the standard N100 note, describing the practice as a violation of the provisions of the CBN Act. The bank warned that individuals, businesses, financial institutions, and other economic agents found rejecting the note could face regulatory sanctions and enforcement actions.
The latest clarification is aimed at restoring public confidence in Nigeria’s currency and preventing unnecessary disruptions in daily transactions. For many Nigerians who rely on cash payments for transportation, shopping, and other routine expenses, uncertainty over the acceptance of banknotes can create avoidable inconvenience and confusion in the marketplace.
Reaffirming its commitment to protecting the integrity of the naira, the CBN urged citizens to continue accepting and using all banknotes legally issued by the bank. The regulator also encouraged members of the public to seek clarification through its official communication channels whenever questions arise about the validity of any Nigerian currency denomination. The move underscores the bank’s broader efforts to ensure smooth currency circulation and maintain trust in the nation’s financial system.
source: The cable