The Central Bank of Nigeria (CBN) has warned individuals and business entities against rejecting the standard N100 banknote, saying violators of currency laws will face severe sanctions.
The apex bank declared that the standard N100 note is still a legal tender nationwide and must be accepted for all transactions.
In a statement on Wednesday by its Acting Director, Corporate Communications, Mrs. Hakama Sidi-Ali, the CBN frowned at reports that sections of the public, informal traders, and various economic stakeholders were refusing the standard N100 banknote.
The financial regulator noted that such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.
It, however, observed that much of the anxiety over the currency stemmed from the introduction of the commemorative N100 note, which was launched over a decade ago to celebrate Nigeria’s centennial.
The statement read, “The attention of the Central Bank of Nigeria (CBN) 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.”
“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. 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 Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach. 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.”
