Business:
Standard, Commemorative ₦100 Notes Remain Legal Tender – CBN
The CBN stressed that the commemorative ₦100 banknote, introduced to mark Nigeria’s centenary celebration, did not replace the existing standard ₦100 banknote.
A combo of the commemorative and standard ₦100 banknotes.
The Central Bank of Nigeria (CBN) has reaffirmed that both the standard ₦100 banknote and the commemorative ₦100 banknote remain legal tender and must be accepted for all transactions across the country.
The clarification was contained in a statement issued by the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali.
According to the apex bank, the statement became necessary following reports that some members of the public, businesses, and other stakeholders have been rejecting the standard ₦100 note due to uncertainty over its legal tender status.
The CBN stressed that the commemorative ₦100 banknote, introduced to mark Nigeria’s centenary celebration, did not replace the existing standard ₦100 banknote.
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“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 statement said.
The bank warned individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 note, describing such actions as a violation of the provisions of the CBN Act and detrimental to public confidence in the national currency.
It added that it would not hesitate to apply appropriate enforcement measures against any person or organisation found contravening the law.
The CBN further reaffirmed its commitment to protecting the integrity of the naira, maintaining public confidence in all duly issued banknotes, and ensuring the smooth circulation of currency nationwide.
The apex bank urged Nigerians to accept and transact with all banknotes legally issued by the Central Bank of Nigeria.
It also advised members of the public seeking further clarification to contact the CBN through its official communication channels.
Business: Standard, Commemorative ₦100 Notes Remain Legal Tender – CBN
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