The Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains a legal tender and should continue to be accepted for all legitimate transactions across the country.
The apex bank made the clarification following growing concerns and confusion among members of the public over the status of the N100 note. The CBN urged Nigerians, businesses, and financial institutions to continue accepting the currency, stressing that there has been no directive withdrawing the note from circulation.
According to the bank, any refusal by individuals or businesses to accept the N100 note is against the approved currency policy. The CBN emphasized that all existing denominations declared valid remain acceptable as a means of payment until an official announcement is made regarding any changes.
The clarification is expected to address concerns among consumers who have recently experienced difficulties using certain banknotes in markets, commercial centres, and other business environments. The apex bank advised members of the public to report cases where legal tender is rejected by traders or service providers.
The CBN has repeatedly advised Nigerians to handle banknotes responsibly and support efforts aimed at maintaining the integrity and efficiency of the country’s currency system. The bank also continues to encourage the use of approved banking channels and electronic payment platforms to complement cash transactions.
Economic analysts say clear communication from the central bank is important to prevent unnecessary panic and disruptions in daily economic activities. They noted that uncertainty surrounding currency acceptance can affect small businesses, consumers, and overall market confidence.
The N100 note remains one of Nigeria’s widely used denominations, particularly for everyday purchases and small-value transactions. The CBN’s latest statement is aimed at ensuring Nigerians have confidence in the continued circulation of the currency.
The bank urged the public to rely on official information from the CBN regarding currency matters and avoid spreading unverified claims about the status of any banknote.
