No plan to re-denominate Naira –CBN

The Central Bank of Nigeria (CBN) says it has no be plans to re-denominate Nigeria’s legal tender, the Naira. CBN’s Director, Corporate Communications Department, Dr. Isa AbdulMumim, made this known in a statement. The statement reads in part “No Plans To Re-denominate 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 re-denominate 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 eked from an old policy move by a previous CBN Governor in 2007 to make it appear recent. For the avoidance of doubt, there is currently no plan by the Bank to restructure and re-denominate 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”.

There had been social media messages in circulation about plans by the apex bank to re-denominate the Naira by cancelling two zeros from the currency. According to AbdulMumim, there is no truth in the message. The attention of the CBN has been drawn to the wide circulation of a text message suggesting that the apex bank plans to re-denominate the country’s legal tender, the Naira, with effect from January 2024.