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No plans to redenominate the naira – CBN

The Central Bank of Nigeria (CBN) has denied a report suggesting that it plans to redenominate the country’s legal tender, the Naira, with effect from…

The Central Bank of Nigeria (CBN) has denied a report suggesting that it plans to redenominate the country’s legal tender, the Naira, with effect from January 2024.

The rebuttal followed the wide circulation of a text message suggesting that the Bank plans to redenominate the Naira.

In a release signed by the Director of Corporate Communication, Dr Isa AbdulMumin, the Apex bank said: “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.”

The CBN said for the avoidance of doubt, there is currently no plan by the Bank to restructure and redenominate the naira.

AbdulMumin urged the public to ignore the news report, as it is speculative and calculated to cause panic in the polity.

He added that noted that whilst the Bank may be considering reforms, such are subject to laid down procedures in line with the provisions of the CBN Act, 2007.

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