N100 Banknotes Still Very Valid, Says CBN

N100 Banknotes Still Very Valid, Says CBN

The Central Bank of Nigeria (CBN) has ordered members of the public, businesses, and commercial banks to immediately cease the rejection of the standard N100 banknote, declaring that the currency remains a valid medium of exchange across the country.

The directive follows growing reports that sections of the public, informal traders, and various economic stakeholders were refusing to accept the standard N100 note. The apex bank attributed the trend to widespread, unfounded rumours that the older design had expired or been phased out.

Clarifying the situation in an official statement released in Abuja, the CBN Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, addressed the root of the public’s confusion.

She said, “The attention of the Central Bank of Nigeria has been drawn to reports of the rejection of the standard N100 banknote by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status.”

Sidi-Ali explained that much of the anxiety stemmed from the introduction of the commemorative N100 note, which was launched over a decade ago to celebrate Nigeria’s centennial. According to the apex bank, the commemorative design was never intended to push the original note out of circulation.

“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide.

The commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote,” she added.

Moving beyond mere clarification, the financial regulator issued a stern warning to anyone found breaking currency laws. The bank noted that rejecting any duly issued national currency constitutes a clear violation of federal legislation.

Sidi-Ali warned, “The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.”

The apex bank further emphasised that it would actively police compliance and penalise any defaulting market agents, shops, or banks.

“The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” the statement read.

Concluding the briefing, the CBN reassured the public of its commitment to ensure a steady supply of cash, urging citizens to confidently use all legally issued notes in their daily commerce.

The statement further read, “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.”