CBN Denies Plans for Naira Redenomination

In a statement titled “No plan to redenominate the naira,” the Central Bank of Nigeria (CBN) has refuted reports claiming that it intends to redenominate the country’s local currency.

The CBN’s Director of Corporate Communications, Isa AbdulMumin, emphasized that the circulating text message suggesting a redenomination plan for the naira starting from January 2024 is false.

AbdulMumin stated, “The contents of the message are misleading, as the authors modified an old policy move from 2007 to make it appear recent.”

He further clarified, “There is currently no plan by the bank to restructure and redenominate the naira. Any potential reforms would be undertaken in accordance with the CBN Act 2007.”

AbdulMumin urged the public to dismiss the report, highlighting its speculative nature and its potential to cause unwarranted panic.