Standard and commemorative N100 notes. Photo Source: X.
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Recently, confusion arose among members of the public, businesses, and local financial institutions regarding the status of a variation of the N100 note as legal tender.
The situation arose when customers tendered the long-standing N100 note to purchase goods, but the money was rejected. An X user, @DAMIADENUGA, shared the experience of a trader whose customer gave her the standard N100 notes but instantly refused them, despite the customer’s pleas that the bank issued the notes.
The trader later accepted the money only after she had looked it up online and discovered that the standard notes were now publicly issued. However, when she gave the money to children as change, their parents came and protested that they had yet to hear any announcement about the standard notes now in circulation.
The standard 100 note was introduced on Dec. 1, 1999. The main feature on the front of the note is the image of the first premier of the Western Region, Nigeria, Obafemi Awolowo. The back has the image of Zuma Rock, a major landmark in Niger State, in the Northern part of Nigeria.
However, in November 2014, the Central Bank of Nigeria introduced the commemorative N100 centenary banknote to mark Nigeria’s centennial. The note, which was unveiled by the then-president, Goodluck Jonathan, was released into circulation on Dec. 19, 2014. Although the image of Awolowo was retained on the commemorative note, that of Zuma Rock was replaced with images of men and women from different ethnic backgrounds engaged in cultural activities.
Since then, the commemorative N100 notes have become ubiquitous for financial transactions. However, the Apex Bank has explained that the commemorative note did not replace the long-existing standard N100 notes. It was only publicly issued to mark Nigeria’s centenary.
CBN, in a statement, explained that the commemorative and standard N100 notes remain legal tender in Nigeria and must be accepted for all transactions.
The CBN also cautioned the public, including individuals, businesses, financial institutions, and other economic agents, that rejecting the standard N100 notes violates the CBN Act and undermines confidence in the national currency. Section 20(5) stipulates that it is unlawful to reject the naira.
Consequently, the Central Bank noted that appropriate enforcement measures would be taken against any person who rejects or protests the use of the standard N100 note.
