Central Bank of Nigeria Denies Plans to Redenominate Naira

by Ikem Emmanuel

The Central Bank of Nigeria (CBN) has officially refuted recent reports claiming that it intends to redenominate the country’s local currency, the naira. In a statement titled ‘No plan to redenominate the naira,’ the Director of Corporate Communications at CBN, Isa AbdulMumin, clarified the situation on Tuesday.

AbdulMumin stated, “The attention of the Central Bank of Nigeria 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.” He further expressed concern that this misleading narrative, which has been previously debunked, is gaining traction, sparking debates on its implications for the Nigerian economy.

The CBN emphatically reiterated that the content of the message was false and misleading. It revealed that the message’s authors had manipulated information from a past policy move made by a previous CBN governor in 2007 to create the illusion of a recent decision.

The CBN clarified that, as of now, there is no plan to restructure and redenominate the naira. While the CBN is indeed considering reforms, any such changes will follow established procedures in accordance with the provisions of the CBN Act 2007.

In light of these clarifications, the public is urged to disregard the misleading reports. The CBN emphasized that such reports are speculative and are intended to incite panic within the country.

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