The Central Bank of Nigeria’s (CBN) recent warning against the rejection of ₦100 banknotes has sparked widespread criticism, with many Nigerians arguing that the apex bank is ignoring the real issue — the near disappearance of the standard ₦100 note from circulation.
In a statement issued by its Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, the CBN insisted that both the standard and commemorative ₦100 notes remain legal tender and must be accepted for all transactions. The Bank further threatened enforcement actions against individuals and businesses that refuse the notes.
However, across markets, transport hubs, and small businesses, a different reality persists. Many Nigerians say the standard ₦100 note is rarely seen, while the commemorative version is either unfamiliar or viewed with suspicion due to its limited circulation.
Critics argue that the CBN’s directive places undue blame on citizens and businesses who are simply reacting to inconsistencies in cash availability. For many traders, especially in the informal sector, accepting unfamiliar or rarely circulated notes poses a financial risk, particularly in an economy already strained by inflation and cash scarcity.
“The problem is not rejection — it’s availability,” a Lagos-based trader lamented. “You can’t force people to accept what they hardly see or trust.”
Economic observers note that confidence in any currency is built not just on legal declarations but on consistent circulation, public awareness, and ease of use. They warn that threatening sanctions without addressing distribution gaps could further weaken trust in the naira.
The situation reflects a broader challenge for the CBN: restoring confidence in Nigeria’s cash system amid lingering concerns from past currency redesign policies and ongoing liquidity issues.
While the apex bank maintains its commitment to safeguarding the integrity of the naira, many Nigerians are calling for a more practical approach — one that prioritises adequate supply, public sensitisation, and transparency over enforcement threats.
Until then, the rejection of certain banknotes may continue to reflect not defiance, but a system struggling to function effectively at the grassroots level.