Contrary to rumours circulated by mischief makers, the Central Bank of Nigeria (CBN) says it has no plan to redenominate Nigeria’s local currency, the Naira.
The apex bank disclosed this in a statement signed by the Director Corporate Communications CBN, Isa AbdulMumin, made available on X (formerly known as Twitter) on Tuesday.
The statement asked the public to ignore the false message, noting that it is speculative and calculated to cause panic in the system.
The statement read in part, “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.”
Currency redenomination is the process of adjustment of the value of a denomination to correct perceived misalignment and pricing structure, with a view to enhancing the credibility of the local currency.
Comment here