CBN: We've no plans to redenominate Naira - ITREALMS

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The Central Bank of Nigeria (CBN) has denied any plans to redenominate the Naira, reports ITREALMS.

The apex body insisted that its attention 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.

Director, Corporate Communications, Dr. Isa AbdulMumin, informed 
ITREALMS that there is no such a plan.

CBN, he said was concerned that this narrative, which they had refuted before now, appeared 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," he maintained.


Pointing out that for the avoidance of 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."

CBN, therefore advised the public to ignore the news report, as it is speculative and calculated to cause panic in the polity.

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