CBN denies plans to redenominate naira in January

The Central Bank of Nigeria has refuted reports that it intends to redenominate the country’s currency, the Naira, from January 2024.

In a statement released on Tuesday, Isa AbdulMumin, the Director of Corporate Communications at the CBN, denied the claims.

The reaction of the apex bank comes following a claim suggesting it plans to redenominate the country’s legal tender.

The Bank refuted the claim, noting that it has no plan to restructure and redenominate the Naira.

“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 taken from an old policy move by a previous CBN Governor in 2007 to make it appear recent.

“To avoid 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,” the statement contained.