CBN denies new Naira policy amid viral publication

The Central Bank of Nigeria (CBN) has distanced itself from a widely circulated publication that announced plans to implement a new Naira policy in the country.

In a statement posted on its official X (formerly Twitter) account on Wednesday morning, the apex bank cautioned the public to disregard the viral publication, labeling it as false news.

“The Central Bank of Nigeria would like to clarify that the attached message currently circulating on social media is untrue and should not be taken seriously,” the bank stated on the microblogging platform.

The viral publication in question had claimed that the CBN intended to introduce a new Naira policy by November 2023, which would result in the exchange rate of one United States dollar ($1 USD) being equivalent to N125.

According to the publication, this new policy, referred to as the “Strategic Agenda for the Naira,” was supposedly announced by the Central Bank of Nigeria and had sparked a nationwide discussion.

Furthermore, the publication mentioned the introduction of currency redenomination. Currency redenomination, as described in the publication, involves the replacement of the old unit of money with a new one at a specific ratio. This process typically entails removing zeroes from the currency or adjusting decimal points to address perceived issues with the currency’s value and pricing structure, thereby enhancing the local currency’s credibility.

The CBN has clarified that the publication is not based on accurate information and should not be trusted.