The Central Bank of Nigeria (CBN) has debunked viral reports claiming that it intends to redenominate the naira. In an official statement released on Tuesday, the CBN’s Director of Corporate Communications, Isa AbdulMumin, expressed surprise at the reports and urged the public to disregard such news as it is speculative and intended to cause unnecessary panic.
According to the CBN, a text message has been circulating, suggesting that the bank will redenominate the country’s legal tender, the Naira, starting from January 2024. However, the CBN has refuted this claim and confirmed that there is currently no plan to restructure or redenominate the naira.
The bank further reiterated that any reforms or changes to the currency will be subject to laid down procedures in line with the provisions of the CBN Act, 2007. The authors of the message have been accused of modifying text from an old policy move by a previous CBN Governor in 2007 to make it appear recent.
Therefore, the CBN has advised the public to ignore the news report and not fall prey to any misinformation or panic that it may cause.