CBN Debunks News Of Planned Naira Redenomination

Nigeria’s central bank, on Tuesday said there is no truth in the content of a text message suggesting that it plans to redenominate the country’s legal tender- the Naira, with effect from January 2024.
A statement by Isa AbdulMumin, Director, Corporate Communications at the bank, while expressing concern over the narrative which it said it had refuted before now, but appears to be gaining traction with several debates on the implication of such a policy for the Nigerian economy.
It insisted that the contents of the message are misleading, regretting how “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,” he added.
Whilst urging the public to ignore the speculative news report, which it said is calculated to cause panic in the polity, the CBN said although it may be considering reforms, the statement said “such are subject to laid down procedures in line with the provisions of the CBN Act, 2007.”