We Have No Plans To Redenominate Naira – Central Bank of Nigeria

The Central Bank of Nigeria has come out to say that it has no plan to redenominate or restructure the naira notes in 2024.

This was recently revealed in a statement signed by its Director, Corporate Communications, Isa AbdulMumin, and Nigerians have been reacting.

According to him, Nigerians should disregard the wide circulation of a text message suggesting that the Bank plans to redenominate the country’s legal tender next year because the contents of the message are misleading.

He added that the wrong narrative has been refuted long before now, but it keeps coming back.

It read, “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.

For the avoidance of doubt, there is currently no plan by the Bank to restructure and redenominate the naira.

The public is hereby advised to ignore the news report, as it is speculative and calculated to cause panic in the polity.”