Nigeria’s apex bank has once again found itself firefighting a wave of misinformation over the naira, this time moving swiftly to shut down speculation that the N100 and N200 banknotes had quietly been pulled from circulation.
The Central Bank of Nigeria (CBN), in a statement issued by Mrs. Hakama Sidi-Ali, its Acting Director of Corporate Communications, confirmed that the N100 notes remain legal tender, warning against their rejection, and stressed that both the standard and commemorative versions of the note are valid for transactions.
The clarification became necessary after reports emerged that some individuals and businesses were rejecting the standard ₦100 note over concerns about its validity.
According to the bank, much of the public anxiety traced back to the introduction of the commemorative ₦100 note, launched over a decade ago to mark Nigeria’s centenary.
That special edition, unveiled in 2014 by former President Goodluck Jonathan to celebrate 100 years since the country’s amalgamation, appears to have sown confusion among traders and everyday users unsure which version of the note was still good for spending.
The CBN was unambiguous in its messaging. In its statement, the bank declared: “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.” It went further to note that the commemorative note “did not replace the existing standard ₦100 banknote.”
Beyond mere clarification, the apex bank issued a pointed warning to businesses and financial institutions tempted to turn away from the note. CBN stressed that rejecting the standard ₦100 note violates provisions of the CBN Act and erodes public confidence in the national currency, cautioning that it would not hesitate to invoke enforcement measures against offenders.
This is far from the first time Nigeria’s central bank has had to step in to douse rumors about the naira’s validity, and the₦200 note has been a recurring flashpoint.
The bank’s redesign program, which saw the ₦200, ₦500, and ₦1,000 notes redesigned as part of efforts to tighten currency management and support security agencies battling illicit financial flows, triggered a prolonged period of public uncertainty that has periodically resurfaced.
That uncertainty came to a head around a proposed December 31, 2024 cut-off date, when a Facebook post falsely claimed the old ₦200, ₦500, and ₦1000 notes would cease to be legal tender from January 1, 2025, alleging the House of Representatives had ordered fresh printing of naira notes.
The CBN moved decisively against the claim, stating flatly that the assertion was false and calculated to disrupt the country’s payment system.
A Supreme Court ruling of November 29, 2023, permits the indefinite concurrent circulation of all versions of the ₦1000, ₦500, and ₦200 denominations, effectively settling at least in law a dispute that had already caused considerable economic pain.
The 2022 currency redesign initially implied that old notes would lose legal tender status, a policy that caused severe hardship due to scarcity of the new notes in early 2023, before the phase-out deadline was lifted indefinitely in December 2023, restoring both old and new notes as valid legal tender.
CBN officials have attributed the cycle of speculation to divergent social media misinterpretations that tend to resurface as symbolic deadlines approach, even as the bank’s underlying policy of full acceptance of old and new notes alike has remained unchanged for years.
For ordinary Nigerians navigating an economy already strained by inflation and cash-flow pressures, the net effect of the rumour mill is tangible: shopkeepers second-guessing legitimate currency, informal traders turning away paying customers, and a fresh dent in public confidence each time the speculation resurfaces.
For now, the CBN’s message remains consistent the ₦100 and ₦200 notes, in all their standard, commemorative, and redesigned forms, remain full legal tender, and the bank has signaled it is prepared to act against anyone who says otherwise.
WHAT YOU SHOULD KNOW
Despite persistent rumours, the CBN has been unequivocal: the ₦100 and ₦200 notes, in all their versions (standard, commemorative, old, and redesigned), remain full legal tender in Nigeria today.
No deadline exists for their use; this position is backed by a binding 2023 Supreme Court ruling, and businesses that reject them are acting unlawfully.
Keep accepting and using these notes as normal, and treat social media claims of their expiry as false unless confirmed directly by the CBN.
