CBN Denies Plan to Redenominate Naira

The Central Bank of Nigeria (CBN) has denied any plans to redenominate or restructure the Naira.

The apex Bank in a statement by its spokesman, Isa AbdulMumin, on Tuesday, said the text message going round is the handiwork of fake news peddlers who are only interested in causing panic in the polity.

The statement added that the viral text message is a rehash of an old one which announced a different policy in 2007.

The CBN noted that it is considering policies and reforms that will follow laid down procedure and the relevant laws but added that redenomination of the country’s legal tender is not on the table.

The statement read in full:

“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.”