CBN: Standard N100 note remains legal tender
The Central Bank of Nigeria (CBN) has strongly ordered the public, businesses, and commercial banks to stop rejecting the standard ₦100 banknote, firmly declaring that it remains legal tender for all transactions across the country.
The emergency directive follows growing reports that market traders, retail outlets, and financial agents have been turning down the traditional note, mistakenly believing it has been phased out or replaced.
In a public statement, Mrs. Hakama Sidi-Ali, the CBN’s Acting Director of Corporate Communications, clarified that the older, standard ₦100 note—originally introduced in December 1999 featuring the portrait of Chief Obafemi Awolowo—coexists completely alongside the commemorative centenary ₦100 note.
The bank emphasized that the introduction of the commemorative note was never intended to devalue, invalidate, or replace the standard issue.
"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."
*Mrs. Hakama Sidi-Ali, Ag. Director of Corporate Communications, CBN*
The apex bank was blunt about the legal consequences of cash rejection. The CBN warned that anyone refusing to accept a legally issued national banknote is in direct violation of the CBN Act.
Such behavior, the bank noted, not only breaks the law but actively threatens economic stability, slows smooth cash circulation, and damages public trust in the national currency.
| Banknote Type | Primary Features | Status |
| Standard ₦100 Note | Front: Chief Obafemi Awolowo
Back: Zuma Rock | Valid Legal Tender (Indefinite) |
| Commemorative ₦100 Note | Front: Centenary design + Chief Awolowo
Back: Traditional dancers / Quick Recognition Code | Valid Legal Tender (Indefinite) |
The CBN made it clear that its regulatory enforcement branches will closely monitor commercial bank branches, local markets, and financial institutions. The bank promised it will not hesitate to apply severe regulatory penalties against any individual or entity found breaking this mandate.
Members of the public are strongly urged to continue spending and accepting all valid denominations issued by the central bank without fear, and to report any bank or business that illegally turns away valid currency.
