Breaking: N100 still remains legal tender — CBN
by The Eagle Online · The Eagle OnlineThe Central Bank of Nigeria has said that N100 still remains a legal tender in the country.
The apex bank in the country said this in a statement issued by its Acting Director of Corporate Communications, Hakama Sidi-Ali.
According to the statement on Wednesday, the clarification became important following reports of the rejection of the standard ₦100 banknote by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status.
Sidi-Ali said: “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.
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“The commemorative ₦100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote.
“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.
“The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.”
Sidi-Ali said the CBN remains committed to safeguarding the integrity of the Naira, ensuring confidence in all duly issued banknotes, and promoting smooth currency circulation across the country.
She added: “Accordingly, members of the public are urged to accept and transact with all banknotes legally issued by the Central Bank of Nigeria.
“For further clarification, members of the public are also advised to contact the CBN through its official communication channels.”
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