The Central Bank of Nigeria has rejected claims that it intends to redenominate the country’s currency, the Naira, starting from January 2023. Isa AbdulMumin, the CBN’s Director of Corporate Communications, conveyed this in a statement on Tuesday.
The central bank’s response comes in response to an assertion suggesting that it is considering redenominating the nation’s official currency. The bank firmly denied this claim, emphasizing that it has no intentions to restructure and redenominate the Naira.
The statement from the Central Bank of Nigeria stated, “The Central Bank of Nigeria (CBN) has noticed the wide dissemination of a text message implying that the Bank is planning to redenominate the country’s legal tender, the Naira, effective from January 2024.
“We are concerned that this narrative, which we have previously refuted, is gaining traction with numerous discussions about the potential consequences of such a policy on the Nigerian economy.
“We want to reiterate that the information contained in the message is misleading. The authors of the message, in their mischievous intent, altered text from a past policy move by a former CBN Governor in 2007 to make it appear recent.
“To eliminate any doubts, there is currently no plan by the Bank to restructure and redenominate the Naira. While the Bank may be contemplating reforms, such actions are subject to established procedures in accordance with the provisions of the CBN Act, 2007.
“The public is advised to disregard the news report as it is speculative and intended to create unrest in the country.”