₦100 note rejection has become a concern after the Central Bank of Nigeria (CBN) warned Nigerians, traders, and businesses against refusing to accept the standard ₦100 banknote.
The apex bank confirmed that the note remains legal tender and must be accepted for transactions nationwide.
The apex bank said the note remains a valid means of payment across the country. It also urged members of the public to continue using it for their daily transactions.
The clarification came after reports showed that some traders, businesses, and other economic operators had started refusing to accept the note.
Many people rejected the currency because of rumours that the standard N100 banknote had expired or was no longer in circulation.
However, the CBN dismissed the claims and assured Nigerians that the note remains legal tender.
The bank explained that the confusion came from the introduction of the commemorative N100 banknote.
The CBN introduced the commemorative note in 2014 to mark Nigeria’s centenary celebration. The special design attracted public attention because it looked different from the regular N100 note.
Despite the difference in appearance, the bank explained that the commemorative note never replaced the standard version.
Instead, both notes remain valid and Nigerians can use them for purchases, payments, and other financial activities.
In a statement issued in Abuja, the Acting Director of Corporate Communications at the CBN, Mrs Hakama Sidi-Ali, addressed the concerns surrounding the currency.
She said some members of the public and businesses rejected the standard N100 note because they doubted its legal status.
According to her, the CBN introduced the commemorative note only to celebrate an important moment in Nigeria’s history.
She added that the move did not affect the continued use of the standard N100 banknote.
“The commemorative N100 banknote did not replace the existing standard N100 banknote,” Sidi-Ali said.
The CBN further reminded Nigerians that all legally issued banknotes remain acceptable for transactions.
The bank also warned businesses and individuals who refuse to accept the standard N100 note.
According to the apex bank, rejecting a valid Nigerian currency violates the provisions of the CBN Act.
The bank explained that such actions could weaken public trust in the naira and disrupt smooth business activities.
Furthermore, the CBN said it would take action against anyone who continues to reject the note.
The bank warned that it would apply appropriate measures against individuals, businesses, and financial institutions that violate currency regulations.
Meanwhile, the CBN assured Nigerians that it remains committed to protecting the integrity of the naira.
The bank also promised to support smooth cash circulation and ensure that Nigerians can access and use valid currency without difficulty.
The apex bank encouraged citizens to ignore false information about banknotes and rely on official updates from the institution.
Finally, the CBN urged Nigerians, traders, and businesses to accept all legally issued banknotes.
The bank said public confidence in the naira remains important for a stable economy and smooth financial transactions across the country.
