Business - Economy - October 31, 2023

CBN refutes plans to redenominate Naira

Concise Daily October 31, 2023

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The Central Bank of Nigeria (CBN) has reacted 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, saying the message was misleading

A statement signed by Isa AbdulMumin PhD, Director, Corporate Communications 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.”

He said for the avoidance of doubt, currently no plan by the bank to restructure and redenominate the Naira.

“Whilst the Bank may be considering reforms, such are subject to laid down procedures in line with the provisions of the CBN Act, 2007,” he said.

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