JUST IN: CBN denies any plans to redenominate the naira

The Central Bank of Nigeria has stated that there are no plans to redenominate the Nigerian currency beginning in January 2024.

The apex bank announced this in a statement issued by its Director of Corporate Communication Isa AbdulMumin and published today on its X account.

The bank stated that the alleged text texts saying that it intended to rename Nigeria’s lender tender did not come from it.

• According to the statement, “The attention of the Central Bank of Nigeria to the wide circulation of text messages suggesting that the bank plans to redenominate the country’s legal tender, the naira from January 2024. We are concerned that this narrative which we have refuted before now appears to be gaining traction with several debates on the implication of such a policy on the Nigerian economy”  

The message was a modification of text by the previous CBN Governor 

The bank noted that the purported text message was merely a modification of a text by a previous CBN Governor in 2007 and made it appear recent.  

• It stated, “We wish to reiterate that the content of the message is misleading. The authors of the message in their mischief modified a text from an old policy move by a previous CBN Governor in 2007 to make it appear recent”  

Any reform will adhere to the CBN’s Act of 2007 

It further allayed Nigeria’s fears that currently, there are no plans to restructure or redenominate the naira and that any reform on the agenda will conform with the provisions of the CBN Act of 2007. 

Furthermore, the bank advised the public to disregard such publications as they are meant to cause unnecessary panic in the polity.  

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