The Central Bank of Nigeria (CBN) has warned that individuals, businesses and financial institutions that refuse to accept the standard ₦100 banknote are violating the law and could face sanctions.
In a statement issued on Wednesday by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank clarified that both the commemorative ₦100 note introduced to mark Nigeria’s centenary and the regular ₦100 banknote remain legal tender and are valid for all transactions nationwide.
The CBN stressed that the commemorative note did not replace the standard ₦100 note, noting that both versions must be accepted by the public.
It warned that rejecting the standard ₦100 banknote contravenes the provisions of the Central Bank of Nigeria Act 2007 and undermines public confidence in the national currency.
The bank urged Nigerians to report any individual, business or bank refusing to accept the ₦100 note to the nearest CBN branch or through its Consumer Protection channels, adding that appropriate enforcement action will be taken against offenders.
The CBN reaffirmed its commitment to protecting the integrity of the naira and ensuring the smooth circulation and acceptance of all legally issued banknotes across the country.