BREAKING: Forex crisis: No plans to redenominate Naira – CBN

Isa AbdulMumin, the Director of Corporate Communications at the Central Bank of Nigeria (CBN), the apex bank categorically refuted claims of an impending redenomination of the country’s currency, the Naira, set to take effect from January 2023.

This stern response from the CBN comes in the wake of a circulated claim suggesting that the bank was planning a significant overhaul of the national legal tender. However, the CBN clarified that such reports were baseless and unfounded.

“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.

“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.

“To avoid doubt, there is currently no plan by the Bank to restructure and redenominate the Naira. Whilst the Bank may be considering reforms, such are subject to laid down procedures in line with the provisions of the CBN Act, 2007.

“The public is hereby advised to ignore the news report, as it is speculative and calculated to cause panic in the polity,” the official statement emphasised.