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CBN Insists N100 Notes Remain Legal Tender, Kicks Against Rejection

BY CHIKA OKEKE, Abuja

Governor of CBN, Dr Yemi Cardoso

The Central Bank of Nigeria, CBN, has stated emphatically that the standard and commemorative N100 notes remain legal tender in Nigeria and must be accepted for all transactions nationwide.

This followed reports of the rejection of the standard ₦100 banknotes by some members of the public, businesses, and other stakeholders due to doubts about its continued legal tender status.

To douse the tension created by the rejection, the apex bank’s Ag. Director of Corporate Communications, Mrs Hakama Sidi-Ali issued a statement on Wednesday, clarifying the status of ₦100 banknotes as legal tender.

She said: “The attention of the Central Bank of Nigeria, CBN, has been drawn to reports of the rejection of the standard ₦100 banknote by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status.

“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative ₦100 banknote and the standard ₦100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide.

“The commemorative ₦100 banknote, which was introduced to mark Nigeria's centenary, did not replace the existing standard ₦100 banknote.”

To this end, the CBN cautioned individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 banknote, adding that such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.

Sidi-Ali disclosed that the Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.

The Bank reiterated its commitment to safeguarding the integrity of the Naira, ensuring confidence in all duly issued banknotes, and promoting smooth currency circulation across the country.

Accordingly, the apex Bank enjoined members of the public to accept and transact with all banknotes legally issued by the Central Bank of Nigeria.

For further clarification, Sidi-Ali advised the public to contact the CBN through its official communication channels.

 

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