Confusion over N100 notes ends as CBN issues clarification

The Central Bank of Nigeria (CBN) has clarified that both the standard N100 note and the commemorative N100 note are still legal tender and must be accepted for all transactions across the country.

In a statement issued on Wednesday by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank said it had received reports that some individuals and businesses were refusing to accept the standard N100 note because they believed it was no longer valid.

The CBN explained that the commemorative N100 note, which was introduced in 2014 to mark Nigeria’s centenary celebration, did not replace the regular N100 note. According to the bank, both versions remain valid and can be used for payments nationwide.

The bank stressed that rejecting the standard N100 note is against the provisions of the CBN Act and warned that appropriate sanctions could be imposed on individuals, businesses, financial institutions, or any organisation found engaging in such practices.

The CBN reaffirmed its commitment to protecting the value and integrity of the naira while ensuring smooth circulation of all officially issued banknotes.

It urged Nigerians to continue accepting and using all valid banknotes issued by the bank and advised members of the public to seek clarification through its official communication channels whenever necessary.

The commemorative N100 note was unveiled by former President Goodluck Jonathan in 2014 to celebrate 100 years since Nigeria’s amalgamation.

The clarification comes years after the CBN redesigned the N200, N500 and N1,000 notes as part of efforts to improve currency management and help security agencies tackle illegal financial activities.

In 2023, the apex bank also directed all its branches to continue accepting and issuing both old and redesigned naira notes through deposit money banks across the country.