CBN THREATENS SANCTIONS OVER REJECTION OF STANDARD N100 NOTES
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By; Sunmola Ganiyat
The Central Bank of Nigeria (CBN) has warned members of the public, businesses and financial institutions against rejecting the standard N100 banknote, stressing that it remains legal tender and that offenders risk sanctions under the CBN Act.
The apex bank issued the clarification following reports that some individuals and businesses had refused to accept the standard N100 note due to uncertainty over its validity after the introduction of the commemorative N100 banknote.
In a statement released on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, the CBN reaffirmed that both the standard and commemorative N100 banknotes remain valid for transactions across the country.
“The attention of the Central Bank of Nigeria 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,” the statement said.
The bank explained that the commemorative N100 banknote, introduced in 2014 to mark Nigeria’s centenary, was issued alongside the existing standard N100 note and was never intended to replace it.
“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,” it added.
The apex bank warned that refusing to accept the standard N100 note violates the provisions of the CBN Act and undermines public confidence in the national currency.
It said it would not hesitate to enforce appropriate sanctions against any individual, business or institution found rejecting the banknote.
The CBN reaffirmed its commitment to preserving the integrity of the naira, maintaining public confidence in all duly issued banknotes and ensuring the smooth circulation of currency nationwide.
It also urged Nigerians to continue accepting all banknotes legally issued by the bank and advised anyone seeking clarification to use its official communication channels.
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