The Central Bank of Nigeria (CBN) on Monday clarified the ongoing rumour about its policy moves to redenominate the Naira, saying that there is no plan by it to redenominate or restructure the Naira notes in 2024.
The apex bank, in a statement signed by its Director, Corporate Communications, Dr. Isa AbdulMumin, and shared on its X handle, urged the public to disregard the widely circulating text messages from some rumour peddlers suggesting that the bank is planning to redenominate the country’s legal tender.
Describing the text messages as misleading, the spokesman clarified: “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.
“The public is hereby advised to ignore the news report, as it is speculative and calculated to cause panic in the polity”, AbdulMumin added.
He, however, maintained that while the apex bank may be considering reforms, “such are subject to laid down procedures in line with the provisions of the CBN Act, 2007.”
