Opinion: Why Nigerians Must Stop Rejecting Valid ₦100 Notes

By Princely Onyenwe | 9News Nigeria

The growing rejection of genuine ₦100 banknotes across Nigeria has exposed a dangerous wave of misinformation capable of undermining public confidence in the naira. While the Central Bank of Nigeria (CBN) maintains that both the standard and commemorative ₦100 notes remain legal tender, many citizens continue to reject the standard ₦100 note, disrupting commerce, creating avoidable disputes and raising serious concerns about financial literacy, respect for the law and confidence in Nigeria’s monetary system.

The strength of any nation’s currency depends not only on the authority of its central bank but also on the confidence of its people. Across the world, legal tender serves as the foundation of commerce, enabling individuals and businesses to exchange goods and services with certainty. When citizens begin rejecting genuine banknotes based on rumours rather than official policy, that confidence is weakened, everyday transactions become difficult, and the integrity of the financial system comes under unnecessary strain. This is precisely the challenge Nigeria is beginning to face with the growing rejection of valid ₦100 banknotes.

The growing rejection of genuine ₦100 banknotes by many Nigerians is one of the most disturbing examples of how misinformation can disrupt everyday life and weaken public confidence in the nation’s financial system. Across markets, commercial buses, POS outlets, shops and business centres, many citizens now refuse to accept certain ₦100 notes, claiming they have been withdrawn from circulation or replaced with newer versions. This misconception has become so widespread that many people now treat a perfectly valid banknote as though it were worthless.

I recently witnessed an embarrassing confrontation between a shuttle bus driver and a passenger after the driver handed an older version of the ₦100 note as change. The passenger immediately rejected the note, insisting that it had been abolished and was no longer in use. What surprised me most was not merely the disagreement itself but the reaction of other commuters, who overwhelmingly supported the passenger and confidently repeated the same false claim. Within minutes, the atmosphere became tense, with both parties arguing over money that remains legal tender under Nigerian law. Unfortunately, this is no longer an isolated incident but a reflection of a growing national problem that deserves urgent public attention.

The obvious question is this: Who declared the standard ₦100 banknote illegal? The answer is simple—no one. In its official press statement issued on July 8, 2026, the Central Bank of Nigeria categorically reaffirmed that both the standard ₦100 banknote and the commemorative ₦100 banknote remain legal tender throughout Nigeria and must be accepted for all transactions nationwide. The Bank further clarified that the commemorative ₦100 note, introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote. Both versions continue to circulate legally side by side unless and until the CBN officially withdraws either of them from circulation.

The CBN also issued a strong warning to individuals, businesses, financial institutions and other economic agents against rejecting the standard ₦100 banknote. According to the apex bank, such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in Nigeria’s national currency. The Bank further warned that it will not hesitate to apply appropriate enforcement measures against any individual or organisation found to be in breach. This clarification leaves no room for doubt. Any claim that the standard ₦100 note has been abolished or is no longer valid is false, misleading and unsupported by any official directive.

The confusion surrounding the ₦100 note appears to be one of the lingering consequences of Nigeria’s difficult naira redesign experience in 2022 and 2023. Millions of Nigerians endured severe cash shortages, conflicting policy interpretations and uncertainty over which banknotes remained valid. That painful experience understandably left many citizens suspicious of older-looking notes. Sadly, that suspicion has now spread to denominations that were never redesigned or withdrawn, allowing rumours to flourish where verified information should prevail.

The rejection of valid banknotes is not limited to the ₦100 denomination. In many communities, people also reject worn ₦200, ₦500 and ₦1,000 notes, as well as lower denominations, simply because they appear faded, old or different from newer prints. Some transport operators insist on receiving only crisp notes, while some traders refuse commemorative notes despite their continued legal status. These practices have no basis in law and only frustrate commercial activities, inconvenience ordinary Nigerians and weaken confidence in the country’s currency.

It is important to understand that a banknote does not lose its legal value because it appears old or because rumours suggest otherwise. A genuine banknote remains legal tender until the Central Bank of Nigeria officially withdraws it from circulation. No trader, passenger, transport operator, POS agent or business owner has the legal authority to determine which genuine CBN-issued notes should or should not be accepted. If every individual begins selecting the currency they prefer, Nigeria risks creating unnecessary confusion that could undermine confidence in the naira and the nation’s monetary system.

The economic implications of this growing misconception should not be underestimated. Every rejected banknote delays transactions, fuels needless arguments, wastes productive time and weakens trust in the financial system. Transport operators struggle to provide change, customers abandon purchases, businesses lose sales and innocent citizens are subjected to public embarrassment over money that remains perfectly valid.

Beyond these immediate inconveniences lies an even greater danger—the erosion of public confidence in the national currency. Currency derives its value not only from government backing but also from the collective trust of those who use it. Once misinformation begins determining which genuine banknotes are acceptable, unnecessary transaction costs increase, market efficiency suffers, and confidence in the monetary system gradually weakens. For a country working to strengthen financial inclusion, encourage digital payments and stabilise its economy, such misconceptions are both harmful and avoidable.

The Central Bank of Nigeria’s warning should therefore not be dismissed as a routine advisory. It is a reminder that the effectiveness of a nation’s currency depends on collective respect for its legal status. While enforcement has its place, sustained public enlightenment remains the more practical and enduring solution.

The CBN should therefore intensify nationwide awareness campaigns through radio, television, newspapers, digital platforms and community engagement programmes to educate citizens on the legal status of all genuine banknotes in circulation. Commercial banks should equally enlighten customers during cash withdrawals instead of assuming they already understand currency regulations. Market associations, transport unions, POS operators, supermarkets and business organisations should educate their members and discourage the rejection of valid naira notes.

The media also has an important responsibility. At a time when misinformation spreads rapidly through social media and word of mouth, journalists and news organisations must continue to verify currency-related claims before publication while providing accurate, factual and timely information capable of correcting dangerous misconceptions. Financial literacy should equally become a national priority through schools, civil society organisations and public education campaigns so that citizens understand the difference between rumours and official monetary policy.

Nigeria’s economy depends not only on sound monetary policies but also on public confidence in the naira. That confidence is weakened whenever genuine legal tender is rejected without lawful justification.

The Central Bank of Nigeria has now spoken clearly and unequivocally. There should no longer be any confusion. Every genuine ₦100 banknote issued by the CBN—whether the standard note or the commemorative centenary edition—remains legal tender and must be accepted for all transactions across the country until officially withdrawn by the Bank.

Nigerians should therefore reject rumours—not valid currency. Respect for legal tender is ultimately respect for the rule of law, confidence in national institutions and commitment to economic stability. No economy can thrive when citizens begin deciding for themselves which legally issued currency deserves acceptance. Correcting this dangerous misconception is therefore not only the responsibility of the government but also of financial institutions, the media, market leaders, civil society organisations and every Nigerian committed to building a stronger economy anchored on trust, facts and respect for the nation’s currency.

Editor’s Note: This opinion is based on the Central Bank of Nigeria’s official press statement issued on July 8, 2026, reaffirming that both the standard ₦100 banknote and the commemorative ₦100 banknote remain legal tender nationwide. The views expressed are those of the author.