CBN denies currency redenomination as C’ttee assures of Naira stability by Dec… 

The Central Bank of Nigeria (CBN) has disclosed that it has no plan to redenominate the Nigerian currency, the Naira.

CBN Director, Corporate Communications, Isa AbdulMumin, who said this in Abuja yesterday, urged Nigerians to discountenance a text message going around alleging plans to introduce new currency into circulation.

He 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.”

The CBN stressed that the said text message is aimed at fostering confusion within the polity.

“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.

“For the avoidance of doubt, there is currently no plan by the Bank to restructure and re-denominate 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,” AbdulMumin stated.

The bank urged the public to ignore the news report, as it is speculative and calculated to cause panic in the polity.