The Central Bank of Nigeria (CBN) has categorically denied any plans to redenominate the country’s legal tender, the Naira. In a statement released by CBN’s Director of Corporate Communications Department, Isa AbdulMumim, the bank dismissed the circulating social media message as baseless.
According to AbdulMumim, the text message that has been widely circulated, suggesting that the CBN intends to redenominate the Naira by removing two zeros from the currency, is completely false. He emphasized that the contents of the message are misleading, and the authors have deliberately modified old policy information to make it appear recent.
Addressing concerns about the implications of such a policy on the economy, AbdulMumim stated that there is currently no plan by the CBN to restructure and redenominate the Naira. Any reforms or changes to the currency would follow the laid-down procedure as stipulated in the CBN Act.
The CBN spokesperson urged the public to disregard the news report, as it is purely speculative and designed to incite panic. He emphasized that the bank remains committed to ensuring the stability and integrity of the Nigerian currency.
This clarification from the CBN comes as rumors and misinformation continue to circulate on social media platforms. The public is advised to rely on verified information from official sources and to be wary of spreading unverified messages that can cause unnecessary anxiety.
In conclusion, it is important to note that the CBN has firmly denied any plans to redenominate the Naira. The circulating message claiming otherwise has been debunked as misleading and mischievous. The bank reassures the public that it will continue to uphold its mandate of maintaining the stability and confidence in Nigeria’s legal tender.
