The Central Bank of Nigeria (CBN) has warned Nigerians, businesses and financial institutions against rejecting the standard ₦100 banknote, stressing that it remains legal tender and must be accepted for all transactions nationwide.
In a statement signed by its Acting Director of Corporate Communications, Hakama Sidi Ali, the CBN stated that both versions of the ₦100 note remain valid and should circulate side by side.
"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 statement read.
The bank explained that the commemorative ₦100 note, introduced to mark Nigeria's centenary, was never intended to replace the existing standard ₦100 note.
The CBN warned that refusing to accept the standard ₦100 banknote is a violation of the CBN Act and could attract sanctions.
"The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency," the statement added.
The apex bank also vowed to enforce the law against anyone found violating the directive.
It urged traders, transport operators, businesses and members of the public to accept all banknotes officially issued by the CBN, reaffirming its commitment to protecting the integrity of the naira and ensuring the smooth circulation of cash across the country.
Post a Comment