*The Central Bank of Nigeria reaffirms both the standard N100 banknotes and the commemorative N100 notes remain legal tender, and must be accepted for all transactions across the West African country
Isola Moses | ConsumerConnect
Sequel to recent reported rejection of some 100 Naira notes in circulation, the Central Bank of Nigeria (CBN) has reaffirmed that both the standard N100 banknote and the commemorative N100 banknotes remain legal tender in the West African country.
ConsumerConnect reports the CBN asserted that all N100 notes must be accepted for all transactions in the country’s economy.
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Mrs. Hakama Sidi-Ali, Acting Director of Corporate Communications at CBN, who noted this in a statement, said this clarification had become necessary, following reports that some individual consumers, businesses, and other stakeholders in the economy have been rejecting the standard N100 notes due to uncertainty over its legal tender status in Nigeria.
The Bankers Bank, however, explained that the commemorative N100 banknotes, introduced to mark Nigeria’s centenary celebration, did not replace the existing standard N100 banknotes.
The statement also noted: “For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknotes and the standard N100 banknotes remain legal tender in Nigeria and must be accepted for all transactions nationwide.
“The commemorative N100 banknotes, which was introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknotes.”
The CBN, therefore, warned individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 notes.
It further described such actions as a violation of the provisions of the CBN Act and detrimental to public confidence in the national currency.
The Bank will not hesitate to apply appropriate enforcement measures against any person or organisation found contravening the law, stated the CBN Acting Director of Corporate Communications.
Reiterating its commitment to protecting the integrity of the Naira, the CBN noted it maintains public confidence in all duly issued banknotes while ensuring the smooth circulation of currency nationwide.
The Bank urged Nigerian consumers to accept and transact with all banknotes legally issued by the Central Bank of Nigeria.
The banking regulator as well urged members of the public seeking further clarification to contact the CBN through its official communication channels as the need arises.