CBN: No plans to redenominate Naira

VAM News update

THE Central Bank of Nigeria (CBN) has refuted claims of planning to redenominate the country’s currency, the Naira, with effect from January 2024.

This clarification was provided in a statement released by the CBN’s Director of Corporate Communications, Isa AbdulMumin, in response to speculations about the apex bank’s intentions regarding the nation’s legal tender.

The statement emphasized the CBN’s concern regarding the narrative surrounding this issue, which had been refuted previously but now seems to be gaining traction, leading to widespread debates on its potential implications for the Nigerian economy.

It stated, “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. The public is hereby advised to ignore the news report, as it is speculative and calculated to cause panic in the polity”.

While acknowledging that the CBN may be considering various reforms, AbdulMumin stated that such decisions are subject to established procedures in accordance with the provisions of the CBN Act of 2007.

It’s worth noting that in 2022, the CBN introduced redesigned N200, N500, and N1000 notes as part of its currency modernization efforts.