The Central Bank of Nigeria (CBN) has refuted the recent claims circulating in various media that it intends to redenominate the country’s currency, the Naira, starting from January 2023. In a statement released on Tuesday, Isa AbdulMumin, the Director of Corporate Communications at CBN, clarified the bank’s position.
The reaction from the apex bank comes in response to rumors suggesting a possible redenomination of the national legal tender. The CBN has categorically denied these claims, affirming that there are no plans to restructure or redenominate the Naira.
“We would like to draw the public’s attention to the misleading text message that has been widely circulating, suggesting that the CBN plans to redenominate the Naira with effect from January 2024,” the statement read.
“We are concerned by the growing traction this narrative is gaining, as it has sparked debates on the potential implications of such a policy for the Nigerian economy.
“We would like to reiterate that the contents of this message are entirely misleading. The authors of the message have manipulated information from a past policy move made by a previous CBN Governor in 2007 to make it seem recent.”
The statement further highlighted that while the CBN may be considering reforms, any such actions would be carried out in adherence to the procedures outlined in the CBN Act of 2007.
“To dispel any uncertainties, we want to emphasize that there are no current plans to restructure or redenominate the Naira. We urge the public to disregard the news report, as it is speculative and intended to instigate panic in the country,” the statement concluded.
