CBN Refutes Claims On Naira Redenomination

The Central Bank of Nigeria (CBN) has debunked claims of redenominating the legal tender, the Naira with effect from January 2024.

CBN’s Director, Corporate Communications Department, Isa AbdulMumim disclosed this in a statement on Tuesday in Abuja.

Recently, there have been rumours circulating in the social media on plans by the apex bank to redenominate the naira by cancelling two zeros from the currency.

The statement reads: "The attention of the CBN has been drawn to the wide circulation of a text message suggesting that the apex bank plans to redenominate the country’s legal tender, the Naira, with effect from January 2024.

“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 policy to the economy," he said.

He reiterated that the contents of the message are misleading, saying that there is no iota of truth in the message.

AbdulMumim described the originator of such information as mischief makers, adding that they modified the text sourced from old policy move by a previous CBN governor in 2007 to make it look recent.

He stated that there is currently no plan by the CBN to restructure and redenominate the Naira.

“Whilst the apex bank may be considering reforms, such are subject to laid down procedure in line with provisions of the CBN Act.

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

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