By BONIFACE AKARAH

The Central Bank of Nigeria (CBN) has clarified that both the standard N100 banknote and the commemorative N100 banknote remain legal tender, warning individuals, businesses and financial institutions against rejecting either note for transactions across the country.

The apex bank issued the clarification on Wednesday following reports that some members of the public and businesses had begun refusing to accept the standard N100 banknote over concerns about its legal tender status.

In a statement signed by its Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, the CBN explained that the commemorative N100 note introduced to mark Nigeria's centenary did not replace the existing standard version.

"The commemorative ?100 banknote, which was introduced to mark Nigeria's centenary, did not replace the existing standard ?100 banknote," Sidi-Ali said.

She further stressed that "both the commemorative N100 banknote and the standard ?100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide."

The CBN warned that refusing to accept the standard N100 banknote amounts to a breach of the law and could attract sanctions.

"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 statement said.

The bank added that it "will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach."

Reaffirming its commitment to preserving public confidence in the nation's currency, the apex bank said it remains focused on safeguarding the integrity of the naira and ensuring seamless circulation of all duly issued banknotes across the country.

"The Bank remains committed to safeguarding the integrity of the Naira, ensuring confidence in all duly issued banknotes, and promoting smooth currency circulation across the country," Sidi-Ali said.

The CBN urged Nigerians to continue accepting and transacting with all banknotes legally issued by the bank and advised members of the public seeking further clarification to use its official communication channels.

The clarification comes amid reports of increasing cases of the standard N100 banknote being rejected in commercial transactions, prompting the CBN to reassure Nigerians that both the commemorative and standard N100 notes remain valid legal tender throughout the country.