The Central Bank of Nigeria (CBN) has reiterated that both the commemorative ₦100 banknote and the standard ₦100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide.
Hakama Sidi Ali, Ag. Director, Corporate Communications at the bank in a statement disclosed that the commemorative ₦100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote.
The statement she said was necessitated by reports of the rejection of the standard ₦100 banknote by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status.
She said for the avoidance of doubt, the CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in The national currency. “The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.”
Sidi Ali added that 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.
She further stressed that members of the public are also advised to contact the CBN through its official communication channels for further clarification.
Good production costs money and you can support what we do. Please find our details below👇🏾👇🏾👇🏾 Account name: MARKET ONLINE MEDIA Bank: UBA Acc No: 1026401930.
