The Central Bank of Nigeria (CBN), yesterday, discredited the wide circulation of a text message suggesting that it plans to redenominate the country’s legal tender, the Naira, effective January 2024.
Director, Corporate Communications, Isa AbdulMumin, in a statement 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.
“For the avoidance of doubt, there is 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.”
The apex bank therefore advised the public to ignore the news report, saying: “it is speculative and calculated to cause panic in the polity.”
For the avoidance of doubt, there is currently no plan by the Bank to restructure and redenominate the naira.
