CBN warns Nigerians against rejecting ₦100 note, insists it remains legal tender

The Central Bank of Nigeria, CBN, has clarified that the standard ₦100 banknote remains legal tender in Nigeria and warned that anyone who rejects it for transactions is violating the law.

A statement signed by the CBN Director of Corporate Communications, Hakama Sidi-Ali, highlighted that the the apex bank’s attention had been drawn to reports that some individuals, businesses, and other stakeholders were refusing to accept the standard ₦100 note over concerns about its legal tender status.

The CBN affirmed that both the standard ₦100 banknote and the commemorative ₦100 banknote introduced to mark Nigeria’s centenary remain valid for all transactions across the country.

The bank recalled that the commemorative ₦100 note was issued to celebrate Nigeria’s centenary and was never intended to replace the existing standard ₦100 banknote.

The apex bank warned individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 note.

It emphasized that such actions violate the provisions of the CBN Act and erode public confidence in the national currency.

According to the CBN, it “will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.”

The CBN reaffirmed its commitment to safeguarding the integrity of the naira, maintaining public confidence in all duly issued banknotes, and ensuring seamless currency circulation nationwide.

It said Nigerians should accept and transact business with all banknotes legally issued by the Central Bank of Nigeria, advising anyone seeking clarification to contact the bank through its official communication channels.

“Accordingly, members of the public are urged to accept and transact with all banknotes legally issued by the Central Bank of Nigeria.

“For further clarification, members of the public are also advised to contact the CBN through its official communication channels,” the CBN stated.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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