Nigeria: Central Bank of Nigeria Dismisses Naira Redenomination Rumors

The Central Bank of Nigeria (CBN) has refuted recent reports suggesting that it intends to redenominate the country’s local currency, the naira.

In a statement titled “No Plan to Redenominate the Naira,” the CBN’s Director of Corporate Communications, Isa AbdulMumin, addressed the issue on Tuesday.

AbdulMumin stated, “The Central Bank of Nigeria has noticed the widespread circulation of a text message implying that the Bank intends to redenominate the country’s legal tender, the naira, effective from January 2024. We are concerned that this narrative, which we had previously debunked, seems to be gaining ground with numerous discussions on the potential implications of such a policy for the Nigerian economy.

“We wish to emphasize that the contents of this message are misleading. The authors of the message, in their attempt to mislead, have taken text from an old policy initiative by a former CBN governor in 2007 and presented it as recent.

“To be absolutely clear, there are currently no plans by the bank to restructure or redenominate the naira. While the bank may be contemplating reforms, any such changes will be conducted following established procedures in accordance with the provisions of the CBN Act of 2007.”

He also encouraged the public to disregard the report, describing it as speculative and designed to incite unnecessary concern within the nation.