CBN says N100 banknotes must be accepted

The Central Bank of Nigeria (CBN) has said that both the commemorative N100 banknote and the regular N100 banknote are still legal money in Nigeria. They must be accepted for all transactions across the country.

The bank made this clear in a statement from Hakama Sidi Ali, who is the acting director of corporate communications at the CBN, on Wednesday.

CBN explained that the commemorative N100 banknote was created to celebrate Nigeria's 100 years, but it does not replace the regular N100 banknote.

This statement comes after reports that some businesses and Nigerians are refusing to accept the regular N100 banknote because they doubt its legal status.

"For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender and must be accepted for all transactions nationwide," the CBN said.

CBN warned individuals, businesses, banks, and others against rejecting the regular N100 banknote. They said that such actions go against the CBN Act and can hurt trust in the national currency.

"Such rejection constitutes a violation of 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 statement added.

The bank promised to protect the value of the naira and ensure that people trust all banknotes issued by them. They also encouraged the public and all financial stakeholders to accept and use all banknotes that the CBN has legally issued.