CBN Clears Confusion Over Old ₦100 Notes, Confirms All Versions Remain Legal Tender
- The Central Bank of Nigeria (CBN) has reassured Nigerians of the validity of all ₦100 banknotes
- The development comes as false claims of expired notes led to transaction disruptions and began circulating on social media
- The apex bank urged Nigerians to rely on official CBN communications for currency information
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Central Bank of Nigeria (CBN) has reassured Nigerians that all versions of the ₦100 banknote remain legal tender, urging businesses, transport operators, traders, and members of the public to stop rejecting the currency over false claims that some editions have expired.
The clarification follows growing reports that certain merchants and individuals have refused to accept older ₦100 notes, creating confusion and unnecessary disruptions in cash transactions across parts of the country.
Source: Getty Images
According to the apex bank, there is no directive withdrawing any ₦100 banknote from circulation, and every ₦100 note issued by the CBN continues to be valid for payment.
No ₦100 note has been withdrawn
In its statement, the CBN stressed that the ₦100 banknote, including older commemorative and previous designs, remains legal tender under the provisions of the CBN Act.
The bank said Nigerians should ignore misleading information suggesting that any version of the denomination has lost its legal status.
It warned that rejecting genuine naira notes issued by the CBN is contrary to the law and undermines confidence in the country's payment system.
The clarification is expected to end weeks of uncertainty among cash users, particularly in markets, public transportation and informal businesses where cash remains the dominant means of payment.
Why the CBN issued the clarification
The latest statement is part of the CBN's ongoing efforts to combat misinformation surrounding Nigeria's currency.
Since the naira redesign policy and subsequent Supreme Court ruling on the validity of old ₦200, ₦500 and ₦1,000 notes, the apex bank has repeatedly issued notices to reassure Nigerians that genuine CBN-issued banknotes remain acceptable for transactions.
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The bank said false information about the validity of banknotes could disrupt commercial activities and create avoidable panic among consumers and businesses.
Businesses warned against rejecting genuine notes
The CBN reminded retailers, financial institutions, transport operators and service providers that all genuine naira notes issued by the bank must be accepted for transactions.
It noted that Section 20 of the CBN Act recognises CBN-issued currency as legal tender, meaning no individual or business should refuse authentic banknotes presented for payment.
The bank also encouraged Nigerians to handle banknotes carefully to prolong their lifespan and reduce the cost of replacing damaged currency.
What Nigerians should do
The apex bank advised members of the public to rely only on official CBN communications for information relating to the country's currency.
It also reiterated its call for Nigerians to continue embracing electronic payment channels alongside cash transactions, noting that digital payments help reduce pressure on physical cash while improving efficiency in the financial system.
Source: Twitter
With the latest clarification, the CBN hopes to eliminate uncertainty over the ₦100 denomination and ensure that Nigerians can continue using every genuine ₦100 banknote without fear of rejection.
CBN alerts Nigerians on scammers' tactics
Legit.ng earlier reported that the CBN's warning regarding fraudulent messages targeting Nigerians, emphasising the importance of vigilance against cyber threats.
With scammers using increasingly sophisticated tactics, individuals need to remain aware of the potential risks to their personal and financial security, as even a single click on a suspicious link could lead to devastating consequences.
Source: Legit.ng
