No Plans To Redenominate Naira – CBN Clarifies

The Central Bank of Nigeria said it had no intention to redenominate the Naira with effect from January 2023 as reported.

CBN’s Director of Corporate Communications, Isa AbdulMumin, said this in a statement on Tuesday.

The central bank’s response follows a rumour that it intends to rename the nation’s legal money.

The Bank denied the assertion, stating that it does not intend to reorganize and rename the Naira.

The Central Bank of Nigeria (CBN) has been alerted to the widespread dissemination of a text message indicating that the CBN intends to rename the Naira, the nation’s legal cash, beginning in January 2024.

“We are worried that this narrative—which we have previously refuted—seems to be gaining traction in discussions about the potential effects of such a strategy on the Nigerian economy.

We want to stress once more how misleading the message’s contents are. In their mischievousness, the message’s authors altered language from a 2007 policy decision made by a former governor of the CBN to make it seem more contemporary.

To clear up any confusion, the Bank does not currently have plans to rename or reorganize the Naira. Although the Bank may be thinking about reforms, they must follow established protocols by the CBN Act of 2007.

“The news report is speculative and intended to incite panic in the political community; therefore, the public is hereby advised to ignore it,” the statement read.