The Central Bank of Nigeria has moved to end the N100 note confusion after reports that some businesses stopped accepting certain versions of the currency — FirstNigerian.com reports.
The development has affected daily cash transactions, with some traders, transport operators and customers unsure whether particular N100 notes remain acceptable.
Traders And Customers Face Payment Challenges
Some traders and transport operators questioned whether certain N100 notes remained valid. The uncertainty led some customers to find alternative ways to complete routine payments.
Many small businesses depend on cash sales. When a seller rejects a valid note, it can delay transactions and create disagreements between buyers and sellers.
For customers who rely on cash for transport fares, market purchases and small retail payments, the confusion created unnecessary difficulties.
CBN Confirms All N100 Notes Remain Legal Tender
The Central Bank of Nigeria (CBN) said both the standard N100 note and the commemorative N100 note remain legal tender.
The bank introduced the commemorative note to mark Nigeria’s centenary. It explained that the note did not replace the existing N100 banknote.
Hakama Sidi Ali, the CBN’s acting director of corporate communications, issued the clarification on Wednesday.
The bank urged Nigerians, businesses and financial institutions to accept both versions of the note for all legitimate transactions.
CBN Warns Against Rejecting Valid Currency
The regulator warned businesses and individuals against refusing legally issued banknotes.
The CBN said rejecting valid currency violates provisions of the CBN Act and could weaken public confidence in the naira.
The bank added that it would take enforcement action against anyone who rejects legally issued banknotes.
Cash Users Feel The Impact
The N100 note confusion shows how uncertainty around currency can affect everyday economic activity.
Transport operators, market traders and small retailers often handle large volumes of low-value cash payments. Clear information about accepted banknotes helps prevent disputes and keeps transactions moving.
The CBN said businesses should rely on official communication when making decisions about currency acceptance.
CBN Seeks To Restore Confidence In The Naira
The apex bank said it wants Nigerians to continue trusting all banknotes issued by the central bank.
It advised the public to follow official updates on currency matters and avoid relying on unverified claims.
The CBN said the smooth circulation of valid banknotes remains important for Nigeria’s economy and financial system.
