No Plans To Redenominate Naira – CBN

The Central Bank of Nigeria has stated that it has no intention to redenominate or restructure the naira notes in 2024.

The apex bank revealed this on Tuesday in a statement signed and issued by its Director, Corporate Communications, Isa AbdulMumin.

The CBN encouraged Nigerians to disregard the wide circulation of a text message suggesting that the Bank plans to redenominate the country’s legal tender next year, adding that the contents of the message are misleading.

“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.”

However, it further said that while the bank may be considering reforms, “such are subject to laid down procedures in line with the provisions of the CBN Act, 2007.

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