'Old' ₦100 note is still legal tender in Nigeria — here's what the CBN says could happen to anyone rejecting it

• The CBN says both the standard and commemorative ₦100 banknotes remain legal tender in Nigeria. 

• The bank said rejecting the standard ₦100 note violates the CBN Act. 

• Offenders risk appropriate enforcement measures or sanctions, although the CBN did not specify a fixed penalty. 

• The CBN urged Nigerians to ignore rumours and continue accepting all valid banknotes issued by the apex bank.

The Central Bank of Nigeria (CBN) has warned Nigerians, businesses and financial institutions against rejecting the country's standard ₦100 banknote, reiterating that it remains legal tender and that anyone who refuses to accept it risks enforcement measures under the law. 

The clarification follows reports that some traders, businesses and members of the public had begun rejecting the standard ₦100 note over the mistaken belief that it was no longer valid after the introduction of the commemorative ₦100 banknote. 

In a statement signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank stressed that both the standard ₦100 banknote and the commemorative ₦100 banknote remain legal tender and must be accepted for all transactions across Nigeria. 

"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 CBN explained that the commemorative ₦100 banknote, introduced in 2014 to mark Nigeria's centenary, did not replace the existing standard ₦100 banknote. Instead, both versions were issued to circulate alongside each other and remain valid for payments nationwide. 

The apex bank cautioned that refusing to accept the standard ₦100 note amounts to a breach of the CBN Act and undermines public confidence in the country's currency.

"The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency," Sidi-Ali said. 

The bank added that it "will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach." While it did not specify particular penalties, it warned that violators could face sanctions under the law. 

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The CBN said the clarification became necessary to address growing confusion among members of the public regarding the legal status of the standard ₦100 note and urged Nigerians to disregard misinformation suggesting it had been withdrawn from circulation. 

Reaffirming its commitment to maintaining confidence in the naira, the bank urged traders, transport operators, retailers, financial institutions and the general public to continue accepting all banknotes legally issued by the CBN for transactions across the country. It also advised Nigerians seeking clarification on currency-related matters to rely only on its official communication channels.