CBN denies it has plans to redenominate the Naira

The Central Bank of Nigeria (CBN) has insisted that it has no plans to rededominate the Naira saying such reports are misleading.  

The Naira is Nigeria’s legal tender.

According to a statement by Director, Corporate Communications of the Apex Bank Dr. Isa AbdulMumin, wondered why a narrative that had been refuted by the Bank continues to gain traction.

“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,” it said.

The Apex Bank noted that 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 as it considers reforms”, according to laid down procedures in line with the provisions of the CBN Act, 2007.

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