Breaking News: Central Bank of Nigeria (CBN) Provides Clarification, States No Intentions to Redenominate Naira

The Central Bank of Nigeria has dismissed allegations of intending to redenominate the nation’s currency, the Naira, starting in January 2023. Isa AbdulMumin, CBN’s Director of Corporate Communications, communicated this clarification in a statement on Tuesday.

The central bank’s response comes in the wake of assertions that it is contemplating redenominating the country’s official currency. The bank firmly denied these claims, underscoring that it has no plans to restructure or redenominate the Naira.

The statement from the Central Bank of Nigeria stated, “The Central Bank of Nigeria (CBN) has taken note of the widespread circulation of a text message implying that the Bank intends to redenominate the country’s legal tender, the Naira, effective from January 2024.

“We are concerned that this narrative, which we have previously debunked, is gaining traction with numerous discussions about the potential consequences of such a policy on the Nigerian economy.

“We want to reiterate that the information contained in the message is misleading. The authors of the message, with ill intentions, altered text from a past policy move by a former CBN Governor in 2007 to make it appear recent.

“To remove any doubts, there are currently no plans by the Bank to restructure or redenominate the Naira. While the Bank may be contemplating reforms, such actions are subject to established procedures in accordance with the provisions of the CBN Act, 2007.

“The public is advised to disregard the news report as it is speculative and intended to create unrest in the country.”