The Central Bank of Nigeria’s (CBN) decision to publicly affirm that the standard ₦100 banknote remains legal tender has raised an obvious question: why did the country’s oldest widely circulated note need defending?
The clarification followed reports that some traders, transport operators and businesses had begun rejecting the standard ₦100 note. They insisted that only the commemorative version introduced by the CBN should be accepted for payments.
The confusion has been building for years. In 2014, the CBN unveiled a commemorative ₦100 banknote to mark Nigeria’s centenary. Unlike the regular note, it featured a Quick Response (QR) code and a redesigned reverse side. That made it noticeably different from the version Nigerians had used for years. 
Although the CBN introduced the commemorative note as an additional design, it did not replace the regular ₦100 note. Many people gradually came to believe that it had. As both versions continued to circulate, the distinction between a commemorative issue and a replacement currency became blurred.
The misunderstanding appears to have deepened after the naira redesign crisis of 2022 and 2023. During that period, Nigerians experienced the withdrawal of old ₦200, ₦500 and ₦1,000 notes. They also faced prolonged cash shortages and conflicting information over which banknotes remained valid. Since then, many have become more cautious whenever different versions of the same denomination are in circulation.
That caution, combined with misinformation shared through markets, transport parks and social media, appears to have contributed to the rejection of the standard ₦100 note in some places. Some traders reportedly refused to accept it because they feared banks or other customers would reject it later.
In a press statement issued on July 8, 2026, the apex bank said the commemorative ₦100 banknote, introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 note. According to the CBN, both versions remain valid and can be used interchangeably for payments nationwide.
The bank warned that rejecting the standard ₦100 banknote violates the CBN Act and undermines public confidence in the country’s currency.
“The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” the statement read.
The CBN also urged financial institutions, businesses and members of the public to accept all banknotes legally issued by the bank. It stressed that every valid naira note remains recognised as legal tender.
The statement was signed by the Acting Director of Corporate Communications, Mrs Hakama Sidi Ali.
The clarification comes amid growing reports of confusion over the circulation of different versions of the ₦100 note. Some Nigerians claim that only the commemorative edition should be accepted for transactions.
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