The Central Bank of Nigeria (CBN) has officially refuted recent reports suggesting a plan to redenominate the Nigerian Naira starting from January 2024.
This denial comes in response to the widespread circulation of a text message implying that the CBN intends to redenominate the Naira.
In an official release signed by Dr. Isa AbdulMumin, the Director of Corporate Communication at the CBN, the apex bank expressed its concern regarding the propagation of this narrative, which had previously been refuted.
The CBN emphasized that the content of the message is misleading, and it has been modified from an old policy move by a previous CBN Governor in 2007 to make it appear recent.
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The CBN unequivocally stated that it currently has no plans to restructure and redenominate the Naira. AbdulMumin urged the public to dismiss the news report, emphasizing that it is speculative and intended to create unnecessary panic.
He further clarified that any reforms or changes considered by the CBN would follow established procedures in accordance with the provisions of the CBN Act of 2007.