CBN Dismisses Redenomination Rumors and Emphasizes Compliance with CBN Act
The Central Bank of Nigeria (CBN) has put an end to speculations about the redenomination of the Naira, slated for implementation in January 2024.
In response to suggestions implying an imminent redenomination of the nation’s official currency, the CBN has clarified its stance.
In a statement by CBN’s Director of Corporate Communications, Isa AbdulMumin, the apex bank highlighted the need for any potential reforms to align with the CBN Act of 2007.
“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.”
The CBN made it clear that the contents of the message are misleading, asserting that the authors manipulated text from an old policy move by a previous CBN Governor in 2007 to give it the appearance of recent developments.
“To avoid doubt, there is currently no plan by the Bank to restructure and re- denominate 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 has been advised to disregard this speculative news report, which is perceived as an attempt to incite panic in the polity.