The Central Bank of Nigeria (CBN) has debunked the rumours that it plans to redenominate the country’s legal tender, the Naira, with effect from January, 2024.
This following the wide circulation of a text message in social media yesterday suggesting that the apex bank intends to redenominate the currency. The CBN said for the avoidance of doubt; there is currently no plan by the Bank to restructure and redenominate the naira.
The apex bank’s Director of Corporate Communication, Dr. Isa AbdulMumin, in a statement released, said: “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”.
AbdulMumin urged the public to ignore the news report, as it is speculative and calculated to cause panic in the polity, adding that the Bank may be considering reforms, such are subject to laid down procedures in line with the provisions of the CBN Act, 2007.
