The Central Bank of Nigeria (CBN) has said that members of the public, businesses and other stakeholders must accept all its legally issued banknotes, warning that failure to do so constitutes a violation of the law.
Reacting to reports of the rejection of the standard ₦100 banknote, “apparently due to doubts about its continued legal tender status,” the apex Bank, in a statement by Hakama Sidi-Ali (Mrs.) its Ag. Director, Corporate Communications, reiterated 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 Bank noted that “the commemorative ₦100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote,” and strongly cautioned “individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 banknote.”
It pointed out that “such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency,” and warned that “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 concluded by urging members of the public who seek further clarification, to contact the CBN through its official communication channels.
