This warning comes in light of reports indicating that some Nigerians have declined to accept the standard ₦100 note due to confusion surrounding its validity, particularly following the introduction of a commemorative ₦100 banknote.

In a statement signed by Hakama Sidi Ali, the Acting Director of Corporate Communications, the apex bank clarified that there should be no ambiguity regarding the status of either banknote. The CBN explicitly declared that both the commemorative and standard ₦100 banknotes are valid forms of currency that must circulate simultaneously. The bank emphasized that rejecting the standard ₦100 banknote is a lawful violation that could lead to sanctions.

The CBN further cautioned individuals, businesses, and economic agents against any refusal to accept the standard ₦100 banknote, warning that such actions not only violate the CBN Act but also erode public confidence in the national currency. The bank has committed to enforcing appropriate measures against violators.

Maintaining public confidence in the naira is a core responsibility for the CBN, which highlighted the necessity for equal recognition and acceptance of all banknotes it issues. The CBN remains dedicated to upholding the integrity of Nigeria’s currency and ensuring the smooth circulation of cash across the country.

Additionally, the bank urged traders, transport operators, and all cash users to accept every legally issued banknote from the CBN. For further clarification, the public is encouraged to reach out to the bank through its official communication channels.