The Central Bank of Nigeria (CBN) has reassured the public that the standard ₦100 banknote remains legal tender and should continue to be accepted for all financial transactions across the country.
The clarification follows reports of confusion among some members of the public over the validity of the note, prompting the apex bank to reaffirm that there has been no directive withdrawing the standard ₦100 denomination from circulation.
According to the CBN, both the standard ₦100 note and other approved variants currently in circulation retain their legal tender status. The bank urged individuals, businesses and financial institutions to continue accepting the note without hesitation, warning against the rejection of any officially issued currency.
The apex bank stressed that only it has the constitutional authority to issue, redesign or withdraw Nigerian currency from circulation. It advised the public to disregard misinformation circulating on social media and other unofficial platforms regarding the status of the ₦100 note.
The CBN also encouraged Nigerians to verify information relating to the country’s currency through its official communication channels to avoid being misled by false claims capable of disrupting commercial activities.
Financial analysts noted that timely clarification by the apex bank is essential to maintaining public confidence in the nation’s currency and preventing unnecessary panic that could affect daily transactions and business operations.
The clarification comes as the CBN continues efforts to strengthen confidence in Nigeria’s financial system through improved currency management, financial inclusion and public awareness initiatives.
The bank reaffirmed its commitment to ensuring the availability of quality banknotes and maintaining a stable and efficient payment system, urging Nigerians to continue using all approved naira denominations for legitimate transactions without fear of rejection.
SOURCE: VANGUARD
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