Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains legal tender across the country, warning that its rejection by individuals, businesses and institutions violates the law.

The clarification follows reports that some members of the public have refused to accept the standard N100 note over concerns about its legal tender status following the introduction of the commemorative N100 banknote issued to mark Nigeria’s centenary.

In a statement signed by Mrs. Hakama Sidi-Ali, acting director of Corporate Communications, the apex bank stressed that “both the commemorative N100 banknote and the standard N100 banknote are valid legal tender and must be accepted for all transactions nationwide.”

The CBN explained that the commemorative N100 note was introduced to celebrate Nigeria’s centenary and did not replace the existing standard N100 banknote.

The CBN cautioned individuals, businesses, financial institutions and other economic agents against rejecting the standard N100 note, noting that such action contravenes the provisions of the CBN Act and undermines public confidence in the national currency.

It warned that appropriate enforcement measures would be taken against any person or organisation found violating the law.

The apex bank reaffirmed its commitment to protecting the integrity of the naira, maintaining confidence in all duly issued banknotes and ensuring the smooth circulation of currency across the country.

The CBN also urged members of the public to continue accepting and transacting with all banknotes legally issued by the Bank and advised anyone seeking further clarification to use its official communication channels.

FCMB Asset Management Limited (FCMBAM), the asset management arm of FCMB Group Plc, has received an upgrade to its national scale long-term and short-term issuer ratings of A(NG) and A1(NG), from A-(NG) and A2(NG), by GCR Ratings, a leading pan-African credit rating agency.

The outlook on the ratings remains stable, said the rating agency.

The upgrade is anchored on FCMBAM’s competitive resilience and financial discipline, alongside the strengthened credit profile of FCMB Group.

GCR highlighted FCMBAM’s decade-long track record of strong performance, well-established brand franchise, diversified product suite and robust distribution network as key drivers of its standalone strength.

These are further supported by consistent earnings growth and a disciplined, unleveraged balance sheet, it said.

According to GCR, FCMBAM’s competitive position is supported by “its relatively long track record, strong brand franchise, established product and geographical distribution network and cross-selling opportunities,” with the rating agency noting that FCMBAM ranks among the top five asset managers in Nigeria, with an estimated five per cent share of a fragmented market as of 31 December.

The Company’s financial performance underpinned the upgrade, with revenue growing by 30 per cent and operating cash flow increasing by 13 per cent, enabling the business to be fully funded without recourse to debt.

Liquidity strengthened further, with liquidity sources versus uses improving to 5x as of December 2025, from 3.6x a year earlier, while the EBITDA margin edged up to over 58 per cent.

Commenting on the upgrade, the Chief Executive Officer of FCMB Asset Management, James Ilori, said: “This upgrade is an important external validation of a strategy we have pursued with discipline over many years: building an investment franchise that performs reliably, governs itself rigorously, and earns trust in every market cycle. It speaks to the strength of our membership of FCMB Group and to a culture that holds itself to local and global standards of risk management and capital stewardship.

“As Nigeria’s asset management industry enters a new era of higher capital thresholds and rising investor expectations, we intend to lead from the front – ahead of regulatory timelines, ahead in digital transformation and ahead in the outcomes we deliver for the clients who trust us to assist them in achieving their investment objectives.”

Federal Capital Territory Internal Revenue Service (FCT-IRS) has launched Taxporta, a new digital tax management platform to simplify tax administration and enhance compliance.

Mr Michael Ango, executive chairman FCT- IRS, at a stakeholders’ engagement with MDAs at the National Assembly Library Trust Fund Complex, Abuja, on the implementation of Nigeria’s 2025 tax reforms to ensure voluntary compliance, reiterated the commitment of the Service to make filing of taxes easier for all taxpayers, Ministries, Department and Agencies (MDAs).

Ango described the new portal as an upgrade of the agency’s existing digital infrastructure to provide taxpayers with faster, safer and more efficient services.

He said the initiative is an end-to-end self-service platform through which taxpayers can register, file returns, calculate taxes, and generate receipts without third-party assistance.

He added that Taxporta is also designed to enable taxpayers complete virtually all tax-related transactions without visiting FCT-IRS offices.

“All the allowances provided under the law have been imputed into the system. Essentially, you are only going to have to put in your income, all of the rest of the work, things like tax clearance, payments of taxes, and all will be done on the portal,” Ango said.

He expressed confidence that the new platform would strengthen revenue collection and help the Service exceed its annual revenue targets, which is to generate the maximum tax.

On enforcement, he assured that the Service would continue to prioritize voluntary compliance over sanctions.

He further explained that collaboration with MDAs for revenue generation is key for the FCT-IRS, which occupies a unique position as both a Federal Government agency and an agency of the Federal Capital Territory Administration.

He said the stakeholder engagement was organized to ensure a seamless transition from the previous platform to the upgraded system while strengthening partnerships with government institutions, adding improved tax compliance would support the ongoing transformation of Abuja through increased funding for infrastructure and public services.

Ango stated that the FCT, as an institution, was funded, apart from the IGR, by one percent of the allocation to the federal government, with Value Added Tax and service accounting for the bulk of its revenue.

In his remarks, Executive Secretary of the National Assembly Library Trust Fund, Hon. Henry Nwauna, described the engagement as a strategic initiative aimed at strengthening collaboration between government institutions and tax authorities.