The Central Bank of Nigeria (CBN) has warned individuals, businesses and financial institutions against rejecting the standard N100 banknote, saying it remains legal tender.

The spokesperson for the apex bank, Hakama Sidi Ali, in a statement on Wednesday said there should be no doubt about the note’s legal tender status.  

“For the avoidance of doubt, the CB hereby reiterates that both the commemorative 100 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,” Mrs Sidi Ali said.

The bank explained that the commemorative N100 banknote introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote.

It warned individuals, businesses, financial institutions and other economic agents against rejecting the standard N100 note, saying such action violates 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,” she said.

She urged members of the public to accept and transact with banknotes legally issued by the apex bank.