CBN Refutes Redenomination Plans for Naira Starting January 2024

The Central Bank of Nigeria (CBN) has issued a statement to dismiss rumors of plans to redenominate the country's currency commencing in January 2024. In a statement signed by the CBN's Director of Corporate Communication, Isa AbdulMumin, the bank refuted the notion and clarified that text messages suggesting such plans did not originate from them.

The statement highlighted that the CBN had already refuted this narrative, but it had gained momentum with ongoing discussions about its potential impact on the Nigerian economy. The bank explained that the purported text message was a modification of a policy move from a previous CBN Governor in 2007, misleadingly presented as a recent development.

Furthermore, the CBN reassured the public that there are currently no intentions to restructure or redenominate the naira, emphasizing that any reforms in the future would adhere to the provisions of the CBN Act of 2007.

The CBN cautioned against giving credence to such publications, characterizing them as speculative and designed to create unnecessary panic in the nation.

The statement concluded by advising the public to disregard the news report and remain vigilant against unfounded rumors.