CBN Says No Plans For Naira Redenomination

CBN Reiterates Commitment to Naira's Stability Amidst Rumors of Redenomination

In a recent development, the Central Bank of Nigeria (CBN) has categorically denied rumors of plans to redenominate the Nigerian currency, the Naira, effective January 2024.

CBN Says No Plans For Naira Redenomination

The clarification was made by Isa AbdulMumin, the Director of Corporate Communications at CBN, in a statement released on Tuesday.

This response from the apex bank comes in the wake of widespread speculations and claims suggesting that it intended to redenominate the nation’s legal tender. The CBN has firmly refuted these claims and asserted that it has no intention of restructuring or redenominating the Naira.

In the official statement, Isa AbdulMumin stated, “The attention of the Central Bank of Nigeria (CBN) 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.”

He continued, “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 taken from an old policy move by a previous CBN Governor in 2007 to make it appear recent.

Isa AbdulMumin went on to clarify, “To avoid doubt, there is currently no plan by the Bank to restructure and redenominate the Naira. While the Bank may be considering reforms, such actions are subject to the established procedures in line with the provisions of the CBN Act, 2007.”

The CBN also urged the public to disregard the news report, characterizing it as speculative and intended to cause unnecessary panic within the country. They assured Nigerians that any significant policy changes or reforms would be communicated through official channels following established procedures and protocols.

As Nigerians breathe a sigh of relief following the CBN’s statement, it is clear that the central bank is committed to maintaining the stability and integrity of the Naira, while ensuring that the country’s financial system continues to function smoothly.

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