CBN denies plans to redenominate naira

 

The Central Bank of Nigeria has said that it has no plan to redenominate or restructure the naira notes in 2024.

The apex bank said this on Tuesday in a statement signed by its Director, Corporate Communications, Isa AbdulMumin, and shared on its X handle.

The CBN urged Nigerians to disregard the wide circulation of a text message suggesting that the Bank plans to redenominate the country’s legal tender next year, noting that the contents of the message are misleading.

“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 redenominate the naira.”

However, it added that while 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,” AbdulMumin added.

The bank had in 2022 redesigned the N200, N500 and N1000 notes.