The Central Bank of Nigeria warned that refusing to accept ₦100 bank note is a violation of the Central Bank of Nigeria Act 2007.
It urged the public to report any individual, business, or bank that refuses the ₦100 note to the nearest CBN branch or through its Consumer Protection channels.
The Bank reiterated its commitment to ensuring public confidence in all Naira denominations and maintaining the integrity of the national currency.
In a statement signed by Hakama Sidi-Ali, Acting Director, Corporate Communications which was issued on Wednesday, the CBN clarified that both the commemorative ₦100 banknote introduced to mark Nigeria’s centenary and the existing standard ₦100 banknote remain valid for all transactions across the country.
According to the apex bank, the commemorative ₦100 note did not replace the standard ₦100 banknote, stressing that both versions are legally recognised and must be accepted nationwide.
It cautioned that rejecting the standard ₦100 banknote constitutes a violation of the provisions of the CBN Act and undermines public confidence in the national currency. It warned that appropriate enforcement measures would be taken against any individual or organisation found to be in breach of the law.
It reiterated its commitment to safeguarding the integrity of the naira, maintaining public confidence in all duly issued banknotes and ensuring the smooth circulation of currency across Nigeria.
It urged members of the public to continue accepting and transacting with all banknotes legally issued by the Central Bank of Nigeria and advised anyone seeking further clarification to contact the bank through its official communication channels.