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Reading: CBN refutes claims of Naira redomination
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Nigeria

CBN refutes claims of Naira redomination

The Central Bank of Nigeria denied on Tuesday that it intends to redenominate the country's currency, the Naira, beginning in January 2024. ...

Precious John ELIJAH
Precious John ELIJAH October 31, 2023
Updated October 31, 2023 at 8:06 PM
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CBN refutes claims of Naira redomination
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The Central Bank of Nigeria denied on Tuesday that it intends to redenominate the country's currency, the Naira, beginning in January 2024.

This was revealed in a statement by the CBN's Director of Corporate Communications, Isa AbdulMumin, amid reports that the central bank intends to rename the country's legal tender.

"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 statement went on to say.

"We would like to reiterate that the message's contents are deceptive. In their mischief, the message's authors changed text from an old policy move made by a previous CBN Governor in 2007 to make it appear more recent.

“For the avoidance of doubt, there is currently no plan by the Bank to restructure and redenominate the naira. The public is hereby advised to ignore the news report, as it is speculative and calculated to cause panic in the polity.”

While the bank may be considering reforms, AbdulMumin said “such are subject to laid down procedures in line with the provisions of the CBN Act, 2007.”

In 2022, the apex bank redesigned the N200, N500 and N1000 notes.

Tags: Nigeria

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