The Central Bank of Nigeria (CBN) has warned Nigerians, businesses and financial institutions against rejecting the standard N100 banknote, insisting that it remains legal tender and must be accepted for all transactions across the country.
The warning follows reports that some traders, transport operators and other members of the public have refused to accept the standard N100 note due to uncertainty over its legal status after the introduction of the commemorative N100 banknote.
In a statement issued on Wednesday by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank clarified that the commemorative N100 banknote, introduced in 2014 to mark Nigeria’s centenary, was issued alongside the existing standard N100 note and was never intended to replace it.
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According to the CBN, both the commemorative and standard N100 banknotes remain valid and should be accepted for all payments and commercial transactions nationwide.
The bank stressed that rejecting the standard N100 note amounts to a violation of the provisions of the CBN Act and warned that appropriate enforcement measures would be taken against any individual, business or institution found to be flouting the law.
The CBN reaffirmed its commitment to protecting the integrity of the naira, maintaining public confidence in all duly issued banknotes and ensuring smooth currency circulation across the country. It also urged Nigerians to continue accepting all banknotes issued by the apex bank and encouraged anyone seeking further clarification to contact the CBN through its official communication channels.This version is 210 words.
