The Central Bank of Nigeria (CBN) has reassured Nigerians that the standard ₦100 banknote remains legal tender and must continue to be accepted for all financial transactions across the country.
The clarification follows reports that some businesses, traders, transport operators, and individuals have been rejecting the standard ₦100 note over uncertainty about its validity. The apex bank described such actions as contrary to the provisions of the CBN Act and warned that offenders could face appropriate sanctions.
The announcement is expected to restore public confidence in the Nigerian currency and eliminate misconceptions surrounding the circulation of the ₦100 denomination.
Both ₦100 Notes Are Valid
According to the CBN, both the standard ₦100 banknote and the commemorative ₦100 banknote remain legal tender throughout Nigeria.
The commemorative version was introduced in 2014 to celebrate Nigeria's centenary and was issued alongside the existing standard note not as a replacement. Therefore, both versions remain valid and should be accepted for all commercial and financial transactions nationwide.
CBN Warns Against Rejecting the ₦100 Note
The apex bank emphasized that rejecting any legally issued ₦100 banknote undermines confidence in Nigeria's financial system and violates the law.
The CBN warned commercial banks, businesses, retailers, transport operators, market associations, and members of the public to stop refusing the standard ₦100 note, adding that enforcement measures may be taken against anyone found violating the law.
The bank also encouraged Nigerians to rely only on official communications for information regarding currency management instead of social media rumours and unverified reports.
Importance of the ₦100 Denomination
The ₦100 note remains one of the most widely used denominations in Nigeria's cash economy. Millions of Nigerians use it daily for transportation, food purchases, market transactions, utility payments, and other everyday expenses.
Although digital payment platforms continue to expand across the country, physical cash remains essential, particularly in rural communities and informal markets where electronic payment infrastructure is still developing.
Lessons from Previous Currency Reforms
The latest clarification comes against the backdrop of the naira redesign exercise, which created widespread uncertainty over the status of some banknotes.
That experience has made many Nigerians more cautious whenever rumours emerge about the withdrawal of any denomination. The CBN's latest statement aims to eliminate confusion and reassure the public that no withdrawal of the standard ₦100 note has been announced.
Verify Financial Information
Financial experts continue to advise Nigerians to verify information about currency, banking regulations, and monetary policies through official government and CBN communication channels before acting on viral social media messages.
Accurate information is essential for maintaining confidence in the banking system and ensuring smooth economic activities across the country.
Conclusion
The Central Bank of Nigeria has made it clear that both the standard and commemorative ₦100 banknotes remain legal tender and must be accepted for all transactions nationwide.
Businesses and individuals are therefore advised to continue accepting genuine ₦100 notes while ignoring false reports suggesting otherwise. The clarification reinforces the CBN's commitment to maintaining confidence in Nigeria's currency and ensuring seamless cash circulation across the economy.
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