October 31, 2023/CBN

The Central Bank of Nigeria, CBN,  has denied plans that it plans to redenominate the Naira currency. This is in response to several reports that suggest the CBN is mulling a redenomination of the naira.

In a statement signed by the Director of Corporate Communications of the Central Bank of Nigeria, Isa AbdulMumin, PhD, the apex bank was concerned that the narrative refuted before is still gaining traction with several debates on the implication of such a policy on the Nigerian economy.

The CBN restated, “For the avoidance of 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 procedures in line with provisions of the CBN Act, 2007.” It advised the public to ignore the reports as they were misleading and calculated to cause panic in the polity.

“We wish to reiterate that the contents of the message are misleading. The authors of the message, in their mischief, modified text eked out from an old policy move by a previous CBN Governor in 2007 to make it look recent.”