Naira Devaluation: External Reserves Fall By $1.65bn In Six Months

UPDATE: CBN Speaks On Plans To Redenominate Naira

by Victor Ndubuisi

Viral allegations that the Central Bank of Nigeria (CBN) intends to redenominate the naira have been denied.

The Central Bank of Nigeria (CBN) expressed surprise at allegations that it intends to redenominate the country’s currency in a statement released on Tuesday by Isa AbdulMumin, Director of Corporate Communications.

The nation’s top bank advised people to disregard the news, characterising it as speculative and designed to incite fear among the political elite.

FULL LIST: CBN To Freeze Account Of Investment Companies – Court Orders

The CBN wrote: “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.”


Follow us on Facebook

Post Disclaimer

The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.

You may also like