The Central Bank of Nigeria, (CBN), on Tuesday, denied that it plans to redenominate the Naira, Nigeria’s legal tender.
The apex bank disclosed this through a statement made available to BusinessTodayNG signed by its director of corporate communications, Isa AbdulMumin, that denied the allegations.
This is coming on the heels of 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 statement further reads: ” 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.
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“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.
It added that: ” 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 apex however advised the general public to ignore the news report, as it is speculative and calculated to cause panic in the polity.
