CBN Declares Standard ₦100 Note Still Valid, Warns Against Refusal by Businesses and Individuals

The Central Bank of Nigeria (CBN) has reaffirmed that the standard ₦100 banknote remains legal tender across the country, warning Nigerians, businesses, financial institutions and other economic operators against refusing to accept it for transactions.

The clarification followed reports that some traders, transport operators and members of the public had begun rejecting the standard ₦100 note over the mistaken belief that it had ceased to be legal tender after the introduction of the commemorative ₦100 banknote.

In a statement issued on Wednesday by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank stressed that both the standard ₦100 note and the commemorative ₦100 note remain valid for all transactions nationwide.

The CBN explained that the commemorative ₦100 note, introduced in 2014 to mark Nigeria’s centenary, was issued alongside the existing standard ₦100 note and was never intended to replace it. Consequently, both versions continue to enjoy equal legal status under Nigerian law.

According to the bank, refusing to accept the standard ₦100 banknote violates the provisions of the CBN Act and undermines public confidence in the nation’s currency. It warned that appropriate enforcement measures would be taken against any individual or organisation found rejecting the banknote without lawful justification.

The apex bank also reiterated its commitment to protecting the integrity of the naira and ensuring the smooth circulation of all duly issued banknotes across the country.

It urged Nigerians, including traders, transport operators, retailers and financial institutions, to continue accepting all banknotes legally issued by the CBN while advising members of the public to rely on official CBN communication channels for accurate information on the status of Nigeria’s currency.