The Central Bank of Nigeria has warned individuals, businesses, and financial institutions against rejecting the standard N100 banknote, saying offenders risk sanctions for violating the law and undermining confidence in the national currency.
The warning followed reports that some members of the public and businesses were refusing to accept the standard N100 note over confusion about its continued legal-tender status, apparently mixing it up with the commemorative N100 note issued to mark Nigeria's centenary. "For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender," the apex bank said in a statement issued by acting director of corporate communications Hakama Sidi Ali.
"Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency. The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach," the statement added, urging Nigerians to continue accepting and transacting with all banknotes legally issued by the CBN.