The Central Bank of Nigeria (CBN) 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. There had been a rumour circulating especially on social media that the apex bank was planning to redenominate the nation’s currency.
The rumours began over the last week owing to Naira’s crash reaching its all-time low against the dollar.
The statement posted on the CBN’s X page reads: “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 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. The public is hereby advised to ignore the news report, as it is speculative and calculated to cause panic in the polity.”
