The Central Bank of Nigeria (CBN) has directed members of the public, businesses and commercial banks to immediately stop rejecting the standard ₦100 banknote, reaffirming that it remains a valid legal tender for all transactions across the country.
DIP CONNECT ONLINE NEWS reports that the directive follows increasing reports that some individuals, traders and business operators had refused to accept the standard ₦100 note over claims that it had been withdrawn from circulation or had ceased to be legal tender.
In a statement issued in Abuja, the Acting Director of Corporate Communications at the CBN, Hakama Sidi-Ali, clarified that the reports were based on false and misleading information.
She explained that the confusion largely resulted from the introduction of the commemorative ₦100 banknote, which was issued more than a decade ago to commemorate Nigeria's centenary celebration.
According to her, the commemorative version was never intended to replace the existing standard ₦100 note.
"For the avoidance of doubt, the CBN hereby reiterates that both the commemorative ₦100 banknote and the standard ₦100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide.
"The commemorative ₦100 banknote, which was introduced to mark Nigeria's centenary, did not replace the existing standard ₦100 banknote," she stated.
The apex bank also warned individuals, businesses, financial institutions and other economic operators against refusing to accept any validly issued ₦100 banknote.
Sidi-Ali stressed that rejecting the standard ₦100 note amounts to a violation of the provisions of the CBN Act and undermines public confidence in the nation's currency.
She further disclosed that the bank would enforce compliance with the law and take appropriate action against anyone found rejecting the note.
"The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach," the statement added.
The CBN reaffirmed its commitment to preserving the integrity of the naira, ensuring confidence in all officially issued banknotes and maintaining smooth circulation of currency nationwide.
The apex bank also assured Nigerians of a steady supply of cash and urged members of the public to continue accepting and using all banknotes legally issued by the Central Bank of Nigeria for their daily transactions.
ADEOLA KUNLE
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