CBN warns against rejection of standard ₦100 notes, says all remain legal tender

The Central Bank of Nigeria (CBN) has reaffirmed that the standard ₦100 banknote remains legal tender, warning businesses, financial institutions and members of the public against rejecting the note over misconceptions about its validity.

In a press statement issued on Wednesday, the apex bank said it had received reports that some individuals and businesses were refusing to accept the standard ₦100 note because of doubts surrounding its legal tender status.

The CBN clarified that both the commemorative ₦100 banknote and the standard ₦100 banknote remain valid legal tender across the country and must be accepted for all transactions.

“The commemorative ₦100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote,” the bank said.

The clarification comes amid renewed confusion in some parts of the country over the circulation of the two variants of the ₦100 note.

Warning against rejection

The apex bank warned that refusing to accept the standard ₦100 banknote amounts to a violation of the provisions of the CBN Act and could attract sanctions.

“The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency,” the statement said.

It added that the bank “will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.”

Background

The commemorative ₦100 banknote was introduced in 2014 to celebrate Nigeria’s centenary, marking 100 years since the amalgamation of the Northern and Southern Protectorates in 1914. It became the country’s first commemorative polymer banknote and features a Quick Response (QR) code linking users to information about Nigeria’s history.

Since its introduction, both the commemorative and the conventional ₦100 notes have circulated simultaneously, with neither replacing the other.

The clarification also comes against the backdrop of heightened public sensitivity to currency issues following the naira redesign policy introduced in 2022 and the subsequent Supreme Court ruling in March 2023, which affirmed the continued validity of the old ₦200, ₦500 and ₦1,000 banknotes alongside the redesigned versions.

Public urged to accept all legal banknotes

Reaffirming its commitment to preserving confidence in Nigeria’s currency, the CBN said it remains focused on safeguarding the integrity of the naira and ensuring the smooth circulation of all duly issued banknotes.

The bank urged Nigerians to accept and transact with all banknotes legally issued by the Central Bank of Nigeria and advised members of the public seeking further clarification to use its official communication channels.

The statement was signed by the Acting Director of Corporate Communications, Hakama Sidi Ali, and dated 8 July 2026.