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The Central Bank of Nigeria CBN has directed members of the public, businesses, and commercial banks to stop rejecting the standard N100 banknote, saying the currency remains valid across the country.

The apex bank’s Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, said the directive followed growing reports of the note being turned away due to rumours that it had been phased out.

“The attention of the Central Bank of Nigeria has been drawn to reports of the rejection of the standard N100 banknote by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status,” she said.

Sidi-Ali linked the confusion to the introduction of a commemorative N100 note issued to mark Nigeria’s centenary, clarifying that the special edition was never a replacement for the original.

“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 commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote,” she said.

READ ALSO: EFCC Arraigns Former Port Harcourt Refinery Boss Over ₦1.32bn Fraud

The CBN warned that refusing any legally issued currency violates the CBN Act and said enforcement action would follow for defaulters.

“The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency. The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” Sidi-Ali warned.

The bank urged the public to accept all legally issued naira notes and reaffirmed its commitment to maintaining public confidence in the currency.

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Hibbatullah Shittu
The Traffic NG

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