No Plan To Redenominate Naira, CBN Affirms

The Central Bank of Nigeria (CBN) has clarified that it has no plans to redenominate the country’s legal tender, naira.

The CBN Director, Corporate Communications Department, Isa AbdulMumim, made this known in a statement on Tuesday, October 31, 2023.

There had been a message in circulation on social media about plans by the apex bank to redenominate the naira by cancelling two zeros from the currency.

AbdulMumim, however, said there is no truth in the message.

He stated: “The attention of the CBN has been drawn to the wide circulation of a text message suggesting that the apex 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 policy to the economy.

“We wish to reiterate that the contents of the message are misleading.

“The authors, in their mischief, modified text eked from old policy move by a previous CBN governor in 2007 to make it look recent.”

AbdulMumim noted that there was currently no plan by the CBN to restructure and redenominate the naira.

He added: “Whilst the apex bank may be considering reforms, such are subject to laid down procedure in line with provisions of the CBN Act.

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

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