CBN Confirms ₦100 and ₦200 Notes Remain Legal Tender

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reassured Nigerians that the ₦100 and ₦200 banknotes remain valid legal tender and should continue to be accepted for transactions across the country.

Speaking after the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, Cardoso dismissed concerns that the lower-denomination notes had been withdrawn from circulation, stressing that the apex bank had made no such announcement.

He explained that the reduced visibility of the notes is mainly the result of changing demand patterns driven by the rapid expansion of digital payment systems and broader financial inclusion.

According to the CBN governor, as more Nigerians embrace electronic payment platforms for everyday transactions, the need for smaller denominations has naturally declined, reducing the volume of such notes required in circulation.

Cardoso also pointed to the impact of inflation and the weakening purchasing power of lower-value notes, noting that these economic realities have contributed to their declining use in daily commercial activities.

Despite the reduced circulation of the ₦100 and ₦200 notes, he emphasised that they remain legal tender and advised members of the public to continue accepting them unless the Central Bank officially announces otherwise.

On inflation, Cardoso reaffirmed the CBN's commitment to restoring price stability and achieving a single-digit inflation rate.

He noted that Nigeria had recorded 11 consecutive months of declining inflation before unexpected external economic shocks slowed the pace of progress.

According to him, the apex bank remains optimistic that its policy measures will place the country on course to achieve its single-digit inflation objective by 2027, despite current global and domestic economic challenges.

Cardoso added that the CBN will continue implementing monetary policies aimed at strengthening economic stability, supporting financial inclusion and maintaining confidence in Nigeria's financial system.