Economy
CBN Clarifies Status Of ₦100 Notes In Nigeria
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The Central Bank of Nigeria (CBN) has reaffirmed that the standard ₦100 banknote remains legal tender and must be accepted for all financial transactions across the country.
The apex bank also clarified that both the standard ₦100 note and the commemorative ₦100 banknote issued to mark Nigeria’s centenary are valid legal tender and can be used interchangeably for payments nationwide.
The clarification was contained in a statement issued on Wednesday by the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali, following reports that some individuals, businesses, and other stakeholders had begun rejecting the standard ₦100 note over doubts about its legal status.
According to the CBN, the misconception appears to have created unnecessary confusion among members of the public, prompting the bank to reassure Nigerians that there has been no directive withdrawing the standard ₦100 banknote from circulation.
The apex bank explained that the commemorative ₦100 note, introduced to celebrate Nigeria’s centenary, was designed to circulate alongside the existing standard note and was never intended to replace it.
It stressed that both versions remain valid and retain the same legal status under Nigerian law.
The CBN warned that refusing to accept the standard ₦100 note is a violation of the provisions of the CBN Act and could attract regulatory sanctions.
The bank urged individuals, business owners, financial institutions, traders, transport operators, and other economic participants to continue accepting both versions of the ₦100 note without discrimination.
According to the statement, the rejection of any valid Nigerian banknote undermines public confidence in the country’s currency and disrupts smooth commercial activities.
The statement read in part: “The attention of the Central Bank of Nigeria (CBN) has been drawn to reports of the rejection of the standard ₦100 banknote by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status.
“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative ₦100 banknote and the standard ₦100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide.
“The commemorative ₦100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote.
“The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard ₦100 banknote.
“Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.”
The CBN further warned that it would not hesitate to invoke the appropriate enforcement measures against any individual or organization found to be unlawfully rejecting the standard ₦100 note.
The latest clarification is expected to dispel uncertainty surrounding the circulation of the ₦100 banknote and reinforce public confidence in the continued validity of all officially recognized Nigerian currency notes.
The Personal Pension Plan recorded a total of 219,316 registrations from inception to the first quarter of 2026, with only 18,811 accounts funded.
This is according to the first-quarter pension industry data released by the National Pension Commission.
The data showed that funded Retirement Savings Accounts accounted for 8.6 per cent of total PPP registrations, while 200,505 accounts, representing 91.4 per cent, remained unfunded.
The figures highlighted the significant challenge facing the PPP, particularly the need to convert registrations into active accounts with sustained pension contributions.
The data further showed that total contributions under the PPP stood at N1.66 billion from inception to the first quarter of 2026.
It also indicated a significant increase in quarterly contributions, with contributions rising from N103.30 million in the fourth quarter of 2025 to N147.16 million in the first quarter of 2026.
This represented an increase of N43.86 million or 42.46 per cent during the period.
The Personal Pension Plan is designed to enable self-employed persons and workers in the informal sector to participate in the Contributory Pension Scheme and build retirement savings.
NAN
The Nigerian National Petroleum Company Limited (NNPCL) has increased the price of petrol at its retail stations in Abuja and nearby areas from ₦1,250 to ₦1,270 per litre.
The Genius Media Nigeria understands that the latest adjustment means customers buying Premium Motor Spirit (PMS) from NNPCL stations now pay ₦20 more for each litre than they did previously.
According to report, retailers such as MRS, Geregu, Ranoil, Emedab and Mobil are selling below the new NNPCL price.
MRS stations adjusted their price upward by ₦20, but their petrol was still being sold at about ₦1,230 per litre. This leaves a ₦40 difference between the MRS price and the new NNPCL rate.
However, not all filling stations are selling below NNPCL.
Some outlets, including Empire and AA Rano, were reported to be charging between ₦1,275 and ₦1,299 per litre, putting their prices above the state-owned company’s latest rate.
The latest NNPCL price also comes as international crude oil prices have been moving lower.
Brent crude was trading around $88.80 per barrel, while West Texas Intermediate (WTI) stood at about $81.86 per barrel at the time of the report.
In other news, the leadership of the Nigerian National Petroleum Company Limited (NNPC Ltd.) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have been commended for “remarkable progress” in restoring confidence, increasing production and attracting fresh investment into Nigeria’s oil and gas sector.
The Citizens Forum for Energy Accountability and Development (CFEAD) said the recent achievements announced by NNPC Group Chief Executive Officer, Bayo Ojulari, and NUPRC Commission Chief Executive, Oritsemeyiwa Eyesan, demonstrated that sustained institutional reforms and stronger operational discipline could reposition the petroleum industry as a major driver of economic growth.
The United Kingdom has introduced new restrictions on a chemical commonly used in some gel nail polishes amid concerns over its potential impact on fertility and reproductive health.
The restriction targets trimethylbenzoyl diphenylphosphine oxide, commonly known as TPO, a photoinitiator that enables gel polish to harden when exposed to UV light and helps improve its durability and colour retention.
Under the new rules, which took effect on Saturday across England, Wales and Scotland, manufacturers are no longer permitted to place new TPO-containing cosmetic products on the UK market.
However, beauty salons have been given until February 14, 2027, to stop using existing products containing the chemical, meaning customers could still encounter TPO-based gel polishes during the transition period.
The move follows concerns arising from animal studies that have linked TPO exposure to possible reproductive and fertility problems. The European Union introduced a similar prohibition in September 2025.
The restrictions have nevertheless attracted debate within the cosmetics industry. The Cosmetic, Toiletry and Perfumery Association has maintained that the concentration of TPO used in nail products is significantly lower than levels associated with harmful effects.
The UK decision is therefore expected to intensify discussions within the beauty industry over whether precautionary restrictions should take priority where potential reproductive risks remain under investigation.
91.4% of personal pension accounts remain unfunded – PenCom
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