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.”

Comments

Tinubu Departs Abuja For Japan, Brazil •To Stopover In Dubai, Hold Strategic Talks In Tokyo, Brasília

President Bola Ahmed Tinubu on Friday departed Abuja for a two-nation official visit to Japan and Brazil, making a brief stop in Dubai, United Arab Emirates. His aircraft took off from the Nnamdi Azikiwe International Airport, Abuja, around 11:15 am, with top government officials — including Chief of Staff, Hon Femi Gbajabiamila; National Security Adviser, Mallam Nuhu Ribadu; and Minister of Finance, Wale Edun — on hand to see him off. In a statement, Presidential spokesperson, Bayo Onanuga revealed that the President’s first stop will be in Yokohama, Japan, where he will participate in the Ninth Tokyo International Conference on African Development (TICAD9) from August 20 to 22. The summit, themed: “Co-create Innovative Solutions with Africa,” aims to accelerate Africa’s economic transformation through private investment, innovation, and stronger institutions. While in Japan, President Tinubu is expected to attend plenary sessions, engage in bilateral talks with world leaders, and mee...

We're Ready To Tackle Poverty Through Renewed Hope Ward Dev Programme -President Tinubu

Being an address by President Bola Tinubu, at the FEC meeting on August 13, 2025 1. Distinguished members of the Federal Executive Council, let me begin by expressing my sincere appreciation for your unwavering commitment, resilience, and hard work in supporting this administration’s reform agenda. 2. Together, we have implemented bold and difficult reforms that have dismantled longstanding distortions in our economy and restored policy credibility. 3. These reforms have: Enhanced our economic resilience. Restored macroeconomic stability. Created a transparent and competitive business environment, and Bolstered investor confidence. 4. As a result, our economy is now better positioned to attract both domestic and foreign private investment, which is critical to stimulating sustained growth, creating decent jobs, and lifting millions of Nigerians out of poverty. Renewed Hope Agenda: A $1trillion Economy by 2030 5. Our Renewed Hope Agenda remains focused on achieving a $1trillion eco...

FG RESTATES COMMITMENT TO EARLY COMPLETION OF ENUGU–PH EXPRESSWAY

The Federal Government has reaffirmed its commitment to the timely completion of the Section Three of the 61-kilometer Enugu–Port Harcourt Expressway in Enugu State. This was contained in a statement signed by the Special Assistant (Media) to the Minister of Information and National Orientation, Rabiu Ibrahim, on Thursday, August 14, 2025. The Minister of Information and National Orientation, Mohammed Idris, who led a strong Federal Government delegation to the site of the road project as part of a wider Citizens’ Engagement Tour of the South-East region, said that modern road infrastructure is vital to economic growth, improved safety, and citizens’ welfare. “This project is a visible testament to government’s resolve to complete strategic highways nationwide for the benefit of Nigerians,” Idris said. Under construction by the CGC Nigeria Limited, the 61-kilometre dual carriageway (122 km in total) is valued at ₦100.8billion. The Enugu-bound section has been completed...

Nelly's SmartBriefs

Search This Blog