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We have no plan to redenominate the naira to equal U.S dollar – CBN


The Central Bank of Nigeria CBN says it has no plan to redenominate the naira to where one United States dollar will equal N1.25 by November 2023, as claimed by some social media reports.

The Apex bank declared on Wednesday that the statement attributed to it on various social media platforms concerning such move was fake and misleading.

According to the Central Bank, the fake report claimed that the CBN was planning to execute the policy to drive down prices amidst the country’s rising inflation.

The false report stated that, “The name of the national currency will still be the Naira. However, during the transition period, the existing Naira will be referred to as the “Old Naira”, and the new one to be called the ‘New Naira.

The apex bank however urged the general public to disregard such misleading report saying it is untrue.

Recall that the CBN under the Acting Governor, Folashodun Shonubi on June 14 2023, reintroduced the ‘Willing buyer, willing seller’ foreign exchange model and floated the currency.

The apex bank also unified the forex market along the Investors’ and Exporters’ Forex window now the Nigerian Foreign Exchange Market

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