The Central Bank of Nigeria (CBN) has reassured Nigerians that the standard N100 banknote remains a valid legal tender and should continue to be accepted for all financial transactions across the country.
The clarification comes amid reports that some traders, businesses and individuals have been refusing to accept the regular N100 note, apparently believing it had been replaced by the commemorative version introduced to mark Nigeria's centenary.
In a statement issued on Wednesday, the CBN's Acting Director of Corporate Communications, Hakama Sidi-Ali, said the apex bank considered the growing rejection of the standard N100 note unnecessary and contrary to existing laws governing the country's currency.
The bank stressed that both versions of the N100 note—the standard design and the commemorative edition—remain valid and can be used interchangeably for payments nationwide.
“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 CBN said.
The apex bank further clarified that the commemorative N100 note, introduced to celebrate Nigeria's 100 years as a unified nation, was never intended to replace the existing note.
“The commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote.”
The CBN warned that refusing to accept the standard N100 note constitutes a violation of the provisions of the CBN Act, stressing that all individuals, businesses, financial institutions and other economic operators are legally required to accept genuine Nigerian banknotes issued by the bank.
According to the regulator, appropriate enforcement measures will be taken against anyone found deliberately rejecting the note.
“The Bank remains committed to safeguarding the integrity of the naira, ensuring confidence in all duly issued banknotes, and promoting smooth currency circulation across the country.”
The apex bank also urged members of the public to continue using all officially issued banknotes without hesitation and encouraged anyone seeking clarification on the status of any denomination to contact the bank through its official communication channels.
The commemorative N100 banknote was unveiled in 2014 by former President Goodluck Jonathan to commemorate the centenary of Nigeria's amalgamation. While it introduced a new design to mark the historic milestone, it was circulated alongside the existing standard N100 note rather than replacing it.
The latest clarification comes against the backdrop of recent currency reforms by the CBN. In 2022, the bank announced the redesign of the N200, N500 and N1,000 banknotes as part of efforts to improve currency management, reduce cash hoarding and support security agencies in tackling illicit financial flows.
Following widespread controversy over the redesign exercise, the CBN later directed all its branches in 2023 to continue issuing and accepting both the old and redesigned versions of the affected denominations through deposit money banks, in line with court rulings and subsequent policy decisions.
By reiterating the legal status of the standard N100 note, the CBN said it aims to eliminate public confusion, strengthen confidence in the naira and ensure the smooth circulation of currency across Nigeria's financial system.