The Central Bank of Nigeria has ordered the public, businesses and banks to stop rejecting the standard N100 banknote, warning that doing so violates the CBN Act.
CBN Orders Businesses, Banks to Stop Rejecting N100 Banknote, Warns of Enforcement
The CBN issued the directive following widespread reports of rejection of the N100 note, which the apex bank attributed to unfounded rumours that the older design had been phased out, Punch reports.
Acting Director of Corporate Communications Hakama Sidi-Ali clarified that both the standard N100 note and the commemorative version, introduced over a decade ago to mark Nigeria’s centenary, remain valid legal tender.
“The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency,” Sidi-Ali said.
The bank warned it would apply enforcement measures against any person or entity found in breach, and urged the public to confidently use all legally issued notes in daily transactions.
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