The Central Bank of Nigeria (CBN) has issued a stern warning to commercial businesses, financial institutions, and members of the public to immediately halt the illegal rejection of the standard N100 banknote.
The apex bank's intervention follows widespread consumer complaints across the country indicating that traders and transport operators have been turning down the traditional paper note due to lingering confusion surrounding its regulatory lifespan.
According to a formal statement signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, in Abuja, the standard N100 note remains fully valid and legally recognized for all daily financial transactions nationwide.
The apex bank explained that the polymer centenary N100 banknote, which was originally introduced to commemorate Nigeria's 100-year amalgamation milestone, was never designed to phase out or replace the pre-existing paper design, stating that both versions are engineered to circulate parallel to one another.
The regulatory authority emphasized that refusing to accept any banknote officially authorized by the central bank constitutes a direct violation of the provisions of the CBN Act.
Mrs. Sidi Ali noted that such practices actively erode public confidence in the national currency and disrupt the smooth flow of local cash ecosystems. The bank warned that it will deploy its full enforcement machinery and apply strict sanctions against any individual or corporate entity found violating the currency laws.
#CBNWarning #NairaNotes #HakamaSidi Ali #CentralBankNigeria #LegalTender #N100Banknote #NigerianEconomy #AbujaNews
The apex bank's intervention follows widespread consumer complaints across the country indicating that traders and transport operators have been turning down the traditional paper note due to lingering confusion surrounding its regulatory lifespan.
According to a formal statement signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, in Abuja, the standard N100 note remains fully valid and legally recognized for all daily financial transactions nationwide.
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The apex bank explained that the polymer centenary N100 banknote, which was originally introduced to commemorate Nigeria's 100-year amalgamation milestone, was never designed to phase out or replace the pre-existing paper design, stating that both versions are engineered to circulate parallel to one another.
The regulatory authority emphasized that refusing to accept any banknote officially authorized by the central bank constitutes a direct violation of the provisions of the CBN Act.
Mrs. Sidi Ali noted that such practices actively erode public confidence in the national currency and disrupt the smooth flow of local cash ecosystems. The bank warned that it will deploy its full enforcement machinery and apply strict sanctions against any individual or corporate entity found violating the currency laws.
#CBNWarning #NairaNotes #HakamaSidi Ali #CentralBankNigeria #LegalTender #N100Banknote #NigerianEconomy #AbujaNews
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