Breaking News: No plans to redenominate Naira – CBN clarifies: The Central Bank of Nigeria has disputed reports that it intends to redenominate the country’s currency, the Naira, beginning in January 2023.
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CBN’s Director of Corporate Communications, Isa AbdulMumin, said this in a statement on Tuesday.
The top bank‘s statement follows a report that it intends to redenominate the country’s legal currency.
Rejecting the notion, the Bank stated that it has no intention of restructuring and redenominating Naira.
“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 taken from an old policy move by a previous CBN Governor in 2007 to make it appear recent.
“To avoid 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”, the statement contained.
