The Central Bank of Nigeria (CBN) has issued a formal notice to the public and business operators, reaffirming that the standard N100 note remains a valid legal tender for all transactions across the country.


Mandatory Acceptance


The directive, issued on July 8, 2026, comes in response to increasing reports of traders, transport operators, and small business owners refusing to accept the N100 note as a form of payment. The CBN has categorized this refusal as a violation of financial regulations.


  • Legal Tender Status: The N100 note, along with all other denominations currently in circulation, retains its full legal tender status.
  • Mandatory Compliance: The CBN has explicitly warned that the rejection of any legal tender by a business entity or individual is an offense punishable under the Central Bank of Nigeria Act.

Addressing Public Concerns


The apex bank noted that there is no policy or directive that has phased out or limited the usage of the N100 denomination. The refusal to accept the notes has been linked to circulation shortages and general public confusion, which the CBN is now working to resolve by ensuring that commercial banks are adequately supplied with lower-denomination notes.


Reporting Non-Compliance


To curb this trend, the CBN has directed members of the public to report any business or individual that refuses to accept the note. Citizens can lodge complaints through the following channels:


  • Direct Reporting: Complaints can be filed at any CBN branch or through the "Consumer Protection" portal on the official CBN website.
  • Documentation: The bank encourages citizens to note the name and location of the business or individual refusing the currency to facilitate efficient investigation and enforcement.

The CBN reiterated that the stability of the national currency is a collective responsibility, and the arbitrary rejection of denominations undermines the efficiency of retail trade and the broader payment system.