Yemisi Izuora
The Central Bank of Nigeria (CBN) has denied text messages currently in circulation suggesting that the Bank is considering plans to redenominate the the Naira, with effect from January 2024.
The Bank said it is concerned that this narrative, which it had refuted earlier is now 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. 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 public is hereby advised to ignore the news report, as it is speculative and calculated to cause panic in the polity.” the CBN advised.