The Central Bank of Nigeria (CBN) has issued a definitive statement confirming that all versions of the ₦100 banknote remain legal tender, putting an end to confusion caused by false claims that some editions have expired. The apex bank urged businesses, transport operators, traders, and the general public to stop rejecting the currency, warning that such actions are unlawful and disrupt cash transactions across the country.
Background: False Claims Spark Transaction Disruptions
In recent weeks, social media platforms have been awash with misleading information suggesting that certain editions of the ₦100 note were no longer valid. This led to growing reports of merchants and individuals refusing to accept older ₦100 notes, creating unnecessary disruptions in markets, public transportation, and informal businesses where cash remains the dominant payment method. The CBN stepped in to clarify the situation and restore confidence in the nation's currency.
CBN Statement: No ₦100 Note Has Been Withdrawn
In its official communication, the CBN emphasized that there is no directive withdrawing any ₦100 banknote from circulation. According to the bank, every ₦100 note issued by the CBN, including older commemorative and previous designs, continues to be valid for payment under the provisions of the CBN Act. The bank stated: "Nigerians should ignore misleading information suggesting that any version of the denomination has lost its legal status." The CBN warned that rejecting genuine naira notes is contrary to the law and undermines confidence in the country's payment system.
Impact: Ending Weeks of Uncertainty
The clarification is expected to end weeks of uncertainty among cash users, particularly in markets, public transportation, and informal businesses. The CBN's reassurance comes as part of its 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.
Legal Framework: Section 20 of the CBN Act
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 recognizes 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.
Misinformation Risks: Disruption to Commerce
The bank said false information about the validity of banknotes could disrupt commercial activities and create avoidable panic among consumers and businesses. The latest statement is part of the CBN's ongoing efforts to combat misinformation surrounding Nigeria's currency. By issuing this clarification, the CBN aims to eliminate uncertainty over the ₦100 denomination and ensure that Nigerians can continue using every genuine ₦100 banknote without fear of rejection.
Call to Action: Rely on Official Communications
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.
Previous Warnings: CBN Alerts Nigerians on Scammers
Legit.ng earlier reported that the CBN issued a warning regarding fraudulent messages targeting Nigerians, emphasizing 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.
