No pans to redenominate Naira, CBN assures

The Central Bank of Nigeria on Tuesday dismissed as untrue a planned redenomination of the country’s currency – Naira – with effect from January 2024.

A statement by the CBN’s Director of Corporate Communications, Isa AbdulMumin, denied claims suggesting plans to redenominate the Naira.

According to the CBN, “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. The public is hereby advised to ignore the news report, as it is speculative and calculated to cause panic in the polity.”

The apex bank director noted that any reforms being considered will be subject to laws provided in the CBN Act, 2007.

He insisted that there is currently “no plan by the bank to restructure and redenominate the naira.”

The CBN urged the public to ignore the text message and any other reports, as it is “speculative and calculated to cause panic in the polity.”