The Central Bank of Nigeria (CBN) has clarified that there are no intentions to redenominate or restructure the naira notes in 2024.
The CBN made this announcement in a statement released on Tuesday, as signed by its Director of Corporate Communications, Isa AbdulMumin, and shared via its official communication channels.
The CBN further urged the public to disregard a widespread text message suggesting that the bank is planning to redenominate the nation’s legal tender next year, emphasizing that the content of the message is misleading.
“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.”
However, it added that while the bank may be considering reforms, “such are subject to laid down procedures in line with the provisions of the CBN Act, 2007.
“The public is hereby advised to ignore the news report, as it is speculative and calculated to cause panic in the polity,” AbdulMumin added.
The bank had in 2022 redesigned the N200, N500 and N1000 notes.
