CBN Clarifies: No intentions to redenominate Naira

The Central Bank of Nigeria has responded to claims suggesting that it intends to redenominate the country’s currency, the Naira, effective from January 2023.

In a statement released by Isa AbdulMumin, the Director of Corporate Communications at the CBN, the bank denies any plans to restructure and redenominate the Naira.

The reaction from the CBN comes after the circulation of a text message implying the bank’s intention to redenominate the legal tender of the country.

The CBN explicitly refuted this claim, stating that it has no plans to redenominate the Naira.

“The Central Bank of Nigeria (CBN) has received reports of a text message circulating, suggesting that the bank plans to redenominate the Naira from January 2024.

“We are concerned about the growing traction and the discussions surrounding the potential effects of such a policy on the Nigerian economy.

“We want to reiterate that the contents of the message are false. The individuals behind this message have manipulated information from a past policy move by a previous CBN Governor in 2007 to make it appear recent.

“To be clear, the CBN has no intentions to restructure and redenominate the Naira. Any reforms being considered are subject to the established procedures outlined in the CBN Act of 2007.

“We urge the public to disregard this news report as it is speculative and intended to cause unnecessary panic in the country,” the statement said.