N100 NOTES STILL LEGAL TENDER, SAYS CBN

The Central Bank of Nigeria (CBN) has reassured the public that the N100 denomination remains legal tender and should be accepted for transactions across the country.

The apex bank made the clarification on Friday in response to growing concerns and reports of some merchants and businesses rejecting the old N100 notes. The CBN warned that any refusal to accept the notes constitutes a violation of the law and could attract sanctions.

In a statement signed by the Director of Corporate Communications, Mr. Sidi Ali, the CBN emphasised that all denominations of the naira, including the N100 notes, retain their status as legal tender. “The N100 note is still valid and must be accepted for the settlement of debts and transactions. We urge the public to continue using the notes without fear,” the statement read.

The CBN also appealed to banks and financial institutions to ensure adequate supply of the denomination to meet public demand and prevent artificial scarcity. It warned against any form of hoarding or discriminatory practices by operators.

The clarification comes amid persistent complaints from some parts of the country where traders and service providers have been reluctant to accept the older N100 notes, citing concerns over authenticity and the ongoing currency redesign policy.

Financial experts have welcomed the CBN’s intervention, noting that clear communication is essential to maintain confidence in the local currency. They urged the apex bank to intensify public sensitisation and enforcement to prevent further disruption in daily transactions.

The CBN has also promised to work with relevant security agencies to address the circulation of counterfeit notes and ensure the integrity of the currency.

 Members of the public have been advised to report any instance of rejection of the N100 note to the nearest CBN branch or law enforcement agency.

As the economy continues to adjust to various monetary policy measures, the CBN’s assurance is expected to restore confidence in the use of all naira denominations for everyday transactions.