The Central Bank of Nigeria (CBN) has issued a strong denial in response to rumours regarding the redenomination of the nation’s currency, the naira. These rumours gained traction after the naira experienced a significant decline against the US dollar, sparking concerns among the public.
In an official statement released Tuesday, the CBN addressed the issue, stating, “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.”
The CBN was swift to debunk the claims, emphasizing that the content of the message is misleading. According to the CBN, the authors of the message manipulated text from an old policy proposal made by a previous CBN Governor in 2007 to make it appear as if it were a recent development.
To dispel any doubts, the CBN made it unequivocal that there are currently no intentions to restructure and redenominate the naira. While the CBN may contemplate reforms, it will do so in adherence to established procedures outlined in the CBN Act of 2007.
The CBN therefore urged the public to dismiss the news report, characterizing it as speculative and intended to incite unnecessary panic within the nation.
