The Central Bank of Nigeria, CBN, has clarified that both the standard ₦100 note and the commemorative ₦100 note remain legal tender and must be accepted for transactions across the country.
The apex bank gave the clarification in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali.
According to the CBN, the clarification became necessary following reports that some individuals, businesses and other economic agents were rejecting the standard ₦100 note over the mistaken belief that it was no longer valid.
The bank explained that the commemorative ₦100 note, introduced in 2014 to mark Nigeria’s centenary celebration, did not replace the regular ₦100 note.
“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 said.
“The commemorative ₦100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote.”
The CBN warned individuals, businesses, financial institutions and other organisations against rejecting the standard ₦100 note, describing such conduct as a violation of the provisions of the CBN Act.
It said refusal to accept any valid legal tender issued by the bank undermines public confidence in the naira and disrupts smooth currency circulation.
The bank warned that appropriate enforcement measures could be taken against anyone found rejecting the valid ₦100 banknotes.
The CBN reaffirmed its commitment to protecting the integrity and value of the naira while ensuring the smooth circulation of all officially issued banknotes.
It urged Nigerians to continue accepting and using all valid banknotes issued by the apex bank for transactions nationwide.
The bank also advised members of the public to rely on its official communication channels for clarification on the status of banknotes and other currency-related matters.
The commemorative ₦100 note was unveiled in 2014 by former President Goodluck Jonathan as part of activities marking 100 years since Nigeria’s amalgamation.
The latest clarification comes years after the CBN introduced redesigned ₦200, ₦500 and ₦1,000 notes as part of currency management reforms.
In 2023, the CBN also directed its branches and deposit money banks to continue accepting and issuing both old and redesigned naira notes following public confusion over the validity of some denominations.
With the latest statement, the apex bank has made clear that both versions of the ₦100 note remain valid and must be accepted for payment across Nigeria.