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CBN clarifies no plan to redenominate the Naira

Dr. Olayemi Cardoso, Governor of CBN

*For the avoidance of doubt, there is currently no plan by the Central Bank of Nigeria to restructure and redenominate the Naira, says Spokesman

Isola Moses | ConsumerConnect

Contrary to a recent narrative fast gaining traction with several debates in public recourse, the Central Bank of Nigeria (CBN) has denied reports claiming it plans to redenominate the Naira, the country’s local currency.

Dr. AbdulMumin Isa, Director of Corporate Communications at CBN, made the clarification in a statement issued Tuesday and titled, ‘No plan to redenominate the Naira’.

Isa stated: “The attention of the Central Bank of Nigeria has been drawn 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.

“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.”

The Bankers’ Bank said: “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 Director of Corporate Communications also said: “While the bank may be considering reforms, such are subjects to laid down procedures in line with the provisions of the CBN Act 2007.”

Urging the public to ignore the said reports, Dr. Isa stated that they were speculative and calculated to cause panic in the Nigerian polity.

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