The Central Bank of Nigeria (CBN) says the standard ₦100 banknote remains legal tender and must be accepted for all transactions across Nigeria. The CBN issues the clarification after reports that some members of the public, businesses, and other stakeholders were rejecting the standard note, creating confusion about its validity. In statements attributed to Acting Director of Corporate Communications Hakama Sidi-Ali, the bank reiterates that both the standard ₦100 banknote and the ₦100 commemorative note are legally valid for use nationwide. The commemorative ₦100 note was introduced in 2014 to mark Nigeria’s centenary, and the CBN says it was not intended to replace the standard version. The apex bank also warns that refusing to accept the standard note violates provisions of the CBN Act and could undermine confidence in the naira. It indicates that enforcement measures may be applied against violators and urges the public to accept all banknotes issued by the CBN.
CBN warns against rejecting standard ₦100 banknotes, says they remain legal tender
The Central Bank of Nigeria (CBN) says the standard ₦100 banknote remains legal tender and must be accepted for all transactions across Nigeria. The CBN issues the clarification after reports that som...
- The CBN states that the standard ₦100 banknote is legal tender and must be accepted for transactions.
- The CBN says refusal to accept the standard ₦100 note violates the CBN Act.
- The CBN clarifies that both the standard ₦100 and the commemorative ₦100 notes are valid nationwide.
- The CBN says the ₦100 commemorative note introduced in 2014 was not meant to replace the standard version.
- The CBN warns that enforcement actions may be taken against individuals or businesses that reject the valid note.
By Emma Ujah, Abuja Bureau Chief The Central Bank of Nigeria (CBN) has stated that the Standard N100 note is still a legal tender and must be accepted for all transactions. The apex bank, in a statement by its Ag. Director, Corporate Communications, Mrs. Hakama Sidi-Ali, yesterday, said the clarification became necessary, following reports that some […] The post CBN: Standard N100 note remains legal tender appeared first on Vanguard News.
3 months agoCBN warned that such action constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency. The post CBN warns against rejection of N100 banknotes appeared first on Premium Times Nigeria.
3 months agoThe Central Bank of Nigeria (CBN) warns the public against rejecting the standard N100 note, affirming both versions remain legal tender. Violators risk en Read More: https://punchng.com/cbn-warns-against-rejection-of-standard-n100-notes/
3 months agoThe Central Bank of Nigeria (CBN) has cautioned the public, businesses, and financial institutions against rejecting the standard ₦100 banknote, stressing that it remains legal tender alongside the commemorative ₦100 note.The warning followed reports of confusion over the note’s validity, with some individuals and businesses refusing to accept it.In a statement issued Wednesday by Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank clarified that both the standard and commemorative ₦100 notes are valid for transactions nationwide.“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative ₦100 banknote and the standard ₦100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide,” the statement read.The commemorative ₦100 note was introduced in 2014 to mark Nigeria’s centenary but was never intended to replace the standard version.The CBN warned that rejecting the standard ₦100 note violates the provisions of the CBN Act and undermines confidence in the naira, adding that enforcement measures would be applied against violators.The bank reaffirmed its commitment to safeguarding the integrity of the naira and urged Nigerians to accept all banknotes legally issued by the CBN.
3 months agoThe Bank, in a statement by its Ag. Director, Corporate Communications, Mrs. Hakama Sidi-Ali, yesterday, said the clarification became necessary following reports that some members of the public were rejecting the note. The post CBN: Standard N100 note remains legal tender appeared first on Vanguard News.
3 months agoThe Central Bank of Nigeria, CBN, has assured Nigerians that the standard ₦100 banknote remains legal tender, warning that anyone rejecting it for transactions is violating the law. In a statement by the Director of Corporate Communications, Hakama Sidi-Ali, the apex bank said its attention had been drawn to reports that some individuals, businesses, and other stakeholders […] CBN warns against rejection of standard ₦100 note, says it remains legal tender
3 months ago
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