The Central Bank of Nigeria (CBN) has cautioned individuals, businesses and financial institutions against rejecting the standard N100 banknote, reaffirming that both the standard and commemorative versions remain valid legal tender and must be accepted for transactions across the country.

The clarification followed reports that some members of the public and businesses had been refusing to accept the standard N100 note over uncertainty surrounding its legal tender status.

In a statement issued yesterday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank attributed the confusion to the simultaneous circulation of the standard N100 note and the commemorative variant introduced in 2014 to mark Nigeria’s centenary.

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

The bank stressed that the commemorative note was introduced to circulate alongside, and not replace, the existing standard N100 denomination.

The CBN described the rejection of the standard note by economic agents as a violation of the provisions of the CBN Act, warning that such actions undermine public confidence in the national currency and could attract regulatory sanctions.

It urged individuals, businesses, financial institutions and other economic agents to accept all banknotes duly issued by the apex bank, reiterating its commitment to safeguarding the integrity of the naira and maintaining confidence in the country’s currency. The bank also advised members of the public seeking further clarification to contact it through its official communication channels.

The commemorative N100 note was unveiled in 2014 to commemorate the centenary of Nigeria’s amalgamation, featuring a modified design while retaining its status as legal tender alongside the standard note. However, its uneven circulation over the years has contributed to misconceptions about the validity of both versions of the denomination.