Central Bank of Nigeria Refutes Naira Redenomination Speculations

By Iyojo Ameh

Amid growing concerns over the devaluation of the Naira against the US dollar, the Central Bank of Nigeria (CBN) has come forward to quell speculations about the redenomination of the nation’s currency.

In response to rumors circulating about a potential Naira redenomination, the CBN issued an official statement on Tuesday, categorically denying any such plans.

The statement read, “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.”

The CBN was quick to clarify that the message in question was based on manipulated content from an old policy proposal dating back to 2007, originating from a previous CBN Governor.

The intent was to portray this outdated proposal as a recent development.

In no uncertain terms, the CBN stated that there are currently no intentions to restructure or redenominate the Naira. Any potential reforms, the CBN emphasized, would be executed in full compliance with the established procedures outlined in the CBN Act of 2007.

The CBN urged the public to disregard the speculative news report and reassured citizens that there is no cause for undue panic. The official statement was issued to dispel the rumors and ensure clarity on the matter.