ABUJA, Nigeria — The Central Bank of Nigeria (CBN) has declared that refusing to accept the standard ₦100 banknote is illegal, warning that violators risk sanctions under existing financial laws.
The apex bank issued the warning amid reports that some individuals and businesses have been rejecting the standard ₦100 note over concerns about its validity. The clarification was contained in a statement signed by Hakama Sidi-Ali, Acting Director of Corporate Communications.
According to the CBN, both the standard ₦100 banknote and the commemorative version introduced during Nigeria’s centenary remain valid and are recognised as legal tender across the country.
“Rejecting the standard ₦100 banknote constitutes a violation of the CBN Act and undermines confidence in the national currency,” the statement said.
The bank stressed that the commemorative note was not introduced to replace the existing ₦100 note, but to circulate alongside it, urging Nigerians to accept both versions for all transactions.
It further warned that enforcement measures would be applied against individuals or organisations that continue to reject the note.
Reaffirming its mandate, the CBN said it remains committed to protecting the integrity of the naira, ensuring public confidence in the currency and maintaining seamless circulation of banknotes nationwide.
The bank also urged the public to rely on official communication channels for accurate information regarding Nigeria’s currency system.
