No Plans To Re-denominate The Naira-CBN
(Business Africa Digest)-
The Central Bank of Nigeria (CBN) has said it has no plans to Re-denominate the Naira.
The refutal is coming amidst 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.
The apex said the narrative, which had been refuted before now, appears to be gaining traction with several debates on the implication of such a policy for the Nigerian economy.
The CBN reiterates that the contents of the message are misleading, adding that 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
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”, the statement said.
The public is hereby advised to ignore the news report, as it is speculative and calculated to cause panic in the polity.
