CBN Disowns Text Message Alleging Plans to Redenominate the Naira

Paschal Emeka, Abuja | Posted October 30, 2023

The Central Bank of Nigeria (CBN) has revealed the stand of the newly appointed management team of the bank on re-denomination of the nation’s currency, the Naira, with effect from January 2023.

The Apex Bank in a press statement endorsed by the Director of Corporate Communications, Isa AbdulMumin, on Tuesday, said it has no such plan in its programme.

He however stated that though the bank may be considering other reforms, but no plan to restructure and re-denominate the Naira.

The statement read; “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 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 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 taken from an old policy move by a previous CBN Governor in 2007 to make it appear recent.
To avoid 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”, the statement concluded