CBN Threatens Sanctions Over Rejection of Standard N100 Notes
The Central Bank of Nigeria (CBN) has warned Nigerians, businesses and Financial Institutions against rejecting the standard N100 banknote, insisting that it remains a valid legal tender and that anyone found violating the law risks sanctions.
The Apex Bank issued the clarification on Wednesday July 8, 2026, following reports that some traders and individuals had refused to accept the standard N100 note due to uncertainty over its status after the introduction of the commemorative N100 banknote.
In a statement signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the CBN reaffirmed that both the commemorative and standard versions of the N100 note are valid for transactions across Nigeria.
According to the bank, the commemorative N100 note was introduced in 2014 to celebrate Nigeria’s centenary, marking 100 years since the Country’s amalgamation in 1914. It explained that the commemorative note was issued alongside the existing standard N100 note and did not replace it.
“The attention of the Central Bank of Nigeria has been drawn to reports of the rejection of the standard N100 banknote by some members of the public, businesses and other stakeholders, apparently due to doubts about its continued legal tender status,” the statement read.
“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions Nationwide.”
The bank warned that refusing to accept the standard N100 note amounts to a violation of the provisions of the CBN Act and could undermine public confidence in the nation’s currency.
“The CBN strongly cautions individuals, businesses, financial institutions and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency. The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” the statement added.
The Apex bank reiterated its commitment to protecting the integrity of the naira, sustaining public confidence in all duly issued banknotes and ensuring seamless currency circulation across the country.
It also urged Nigerians to continue accepting all banknotes legally issued by the CBN and encouraged members of the public seeking further clarification to contact the bank through its official communication channels.
