CBN Reaffirms N100 Banknote as Legal Tender Amid Public Misconceptions
The Central Bank of Nigeria has reaffirmed the legal tender status of the standard N100 banknote, warning that refusal to accept it violates the CBN Act and undermines confidence in the national currency.
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The Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains legal tender, urging the public to continue accepting it for all transactions. The clarification, issued through a statement by the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, comes amid reports of growing reluctance by some individuals and businesses to accept the note.
The CBN emphasized that rejecting the N100 note violates the CBN Act, which establishes the legal framework for the issuance and acceptance of Nigerian currency. The apex bank warned that such actions could erode public confidence in the national currency and disrupt financial transactions across the economy. According to This Day, the statement was prompted by increasing instances of the note being refused in commercial settings, despite its full legal standing.
"The Central Bank of Nigeria (CBN), yesterday, reaffirmed that the standard N100 banknote remained legal tender," reported This Day on July 9, 2026. Vanguard News echoed this, citing the bank's official communication and noting that the clarification was necessary due to misinformation circulating in the public domain.
The CBN did not specify whether any new policy changes or currency redesigns are under consideration, but reiterated that all existing banknotes, including the N100 denomination, retain full legal status. The bank called on financial institutions, merchants, and the general public to treat the note without discrimination, stressing the importance of maintaining trust in Nigeria’s monetary system.