The Central Bank of Nigeria (CBN) has denied reports that it plans to restructure and redenominate the naira by January 2024.
In a statement, CBN Director, Corporate Communications, Isa AbdulMumin, said there was no plans by the apex bank to carry out such exercises but hinted on possibility of currency reforms.
He said: “The attention of the Central Bank of Nigeria 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”.
AbdulMumin described the contents of the message as 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. 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,” he said.
