Home Business No Plans to Redenominate the Naira, Says CBN

No Plans to Redenominate the Naira, Says CBN


The Central Bank of Nigeria (CBN) has reaffirmed that it has no plans to redenominate the naira.

Contrary to the wide circulation of 
a text message, suggesting that the Bank plans to redenominate the Naira with effect from January 2024, the apex bank’s Director, Corporate Communications, Dr. Isa Abdulmumin said the content of such message is speculative, misleading and aimed at causing panic in the country.

The CBN in a statement signed by Dr. Abdulmumin in Abuja, Tuesday, said “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.

“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.

“We wish to reiterate that the contents of the message are 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,” the CBN spokesman said.

Dr. Abdulmumin therefore advised the public to ignore the report, reiterating that the Bank has no plans to restructure and redenominate the naira. 

“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

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