The Central Bank of Nigeria has warned businesses, traders, transport operators and financial institutions against rejecting the standard ₦100 banknote, stressing that offenders risk sanctions for violating the law.
In a statement issued on Tuesday, the apex bank reaffirmed that the standard ₦100 note remains legal tender across the country and has not been withdrawn from circulation.
The CBN stated that all denominations of the naira issued by the bank remain valid for transactions unless officially withdrawn, warning that refusing to accept the standard ₦100 note contravenes the provisions of the CBN Act.
It urged Nigerians, including retailers, transport operators and other business owners, to accept the banknote for all legitimate transactions, insisting that it had not issued any directive withdrawing the standard ₦100 note from circulation.
The bank also directed financial institutions to educate their customers on the status of the ₦100 note and ensure strict compliance with existing regulations.
According to the statement, the measure is aimed at maintaining public confidence in the naira and ensuring the smooth circulation of legal tender across the country.
“The Central Bank of Nigeria wishes to reaffirm that the standard ₦100 banknote remains legal tender across Nigeria. Refusing to accept the note constitutes a violation of the law and may attract sanctions under the provisions of the CBN Act,” the statement read.
The apex bank reiterated its commitment to preserving the integrity of the nation’s currency and ensuring that all valid naira denominations continue to circulate freely for lawful transactions.
