WorldStage– The Central Bank of Nigeria (CBN) has warned members of the public, businesses and financial institutions against rejecting the standard N100 banknote, reaffirming its legal tender across the country
Responding to reports of rejections of the notes, a statement by Mrs Hakama Sidi-Ali, Acting Director, Corporate Communications< CBN cautioned those rejecting it, saying they were violating CBN Act.
According to the CBN, both the commemorative N100 banknote introduced to mark Nigeria’s centenary and the standard N100 banknote remain legal tender and must be accepted for all transactions nationwide.
The bank explained that the commemorative note was introduced as a special issue and did not replace the existing standard N100 note already in circulation.
The CBN therefore, cautioned that rejecting the standard N100 banknote amounts to a violation of the provisions of the CBN Act and could undermine public confidence in the national currency.
The CBN said it would not hesitate to apply appropriate enforcement measures against any individual or organisation found to be rejecting the note.
The bank reaffirmed its commitment to protecting the integrity of the Naira, maintaining confidence in all duly issued banknotes and ensuring smooth currency circulation across the country.
It urged Nigerians to continue accepting and transacting with all banknotes legally issued by the CBN.
