The Central Bank of Nigeria (CBN) has warned businesses, financial institutions and members of the public against rejecting the standard ₦100 banknote, saying both the regular and commemorative versions remain legal tender for all transactions nationwide.
In a statement issued on Wednesday, the bank said it had received reports that some traders and individuals were refusing to accept the standard ₦100 note over concerns that it had ceased to be legal tender following the introduction of the commemorative ₦100 banknote.
The CBN clarified that the commemorative note, introduced to mark Nigeria’s centenary, did not replace the existing ₦100 banknote.
“Both the commemorative ₦100 banknote and the existing standard ₦100 banknote remain legal tender and should continue to be accepted without hesitation for all transactions,” the bank said.
The statement, signed by the acting director of corporate communications, Hakama Sidi Ali, warned that rejecting the standard ₦100 note violates the CBN Act and undermines public 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,” it said.
The CBN reiterated its commitment to preserving confidence in the naira and ensuring the smooth circulation of all duly issued banknotes.
It urged Nigerians to continue accepting all legal tender issued by the bank and advised anyone seeking clarification to contact the CBN through its official communication channels.
Tags: CBN, Naira, Currency, Banking, Nigeria, Legal Tender, Finance
Discover more from Pluboard
Subscribe to get the latest posts sent to your email.