CBN denies plans to redenominate Naira

CBN denies plans to redenominate Naira

The Central Bank of Nigeria (CBN) has denied reports on social media that it plans to redenominate the Naira from January 2024. This clarification was made on October 31.

In a statement signed by Isa AbdulMumin, the Director of Corporate Communications at the apex bank, on Tuesday, the Central Bank of Nigeria (CBN) urged the public to disregard the report.

According to the statement: “The attention of the Central Bank of Nigeria (CBN) has been drawn to the wide circulation of a text message suggesting that the Bank plans to redenominate the country’s legal tender, the Naira, with effect from January 2024.

“We are concerned that this narrative, which we had refuted before now, appears to be gaining traction with several debates on the implication of such a policy for the Nigerian economy.

“We wish to reiterate that the contents of the message are misleading. The authors of the message, in their mischief, modified text eked from an old policy move by a previous CBN Governor in 2007 to make it appear recent.

“For the avoidance of doubt, there is currently no plan by the Bank to restructure and redenominate the naira. Whilst the Bank may be considering reforms, such are subject to laid down procedures in line with the provisions of the CBN Act, 2007.

“The public is hereby advised to ignore the news report, as it is speculative and calculated to cause panic in the polity.”