Matilda Omonaiye/
The Central Bank of Nigeria (CBN) has moved to quell growing confusion over the legal status of the standard N100 banknote after reports emerged that some businesses and members of the public had begun rejecting it over fears that it was no longer legal tender.
The clarification, contained in a press statement issued on Tuesday, followed what appears to be increasing uncertainty over the relationship between the long-standing standard N100 note and the commemorative N100 note introduced to mark Nigeria’s centenary.
According to the apex bank, the commemorative note did not replace the standard N100 banknote as some Nigerians have assumed. Rather, both versions remain valid legal tender and must be accepted for all transactions across the country.
The CBN said the need for the clarification arose after receiving reports that the standard N100 note was being refused by some individuals, businesses and other economic actors because of doubts about its continued legal status.
It stressed that such rejections have no legal basis and warned that refusing to accept the standard N100 note amounts to a violation of the provisions of the CBN Act.
The Bank said it would not hesitate to apply appropriate enforcement measures against any individual or organisation found to be rejecting the note, warning that such actions undermine public confidence in the national currency and disrupt the smooth circulation of cash.
“The commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote,” the statement said, reiterating that both banknotes remain legal tender nationwide.
The CBN said it remains committed to safeguarding the integrity of the naira and ensuring public confidence in all banknotes legally issued by the Bank.
It therefore urged Nigerians to accept and transact with every banknote issued by the Central Bank of Nigeria and advised anyone seeking further clarification to use its official communication channels.
0
