No plans to redenominate Naira – CBN

The Central Bank of Nigeria has denied claims that it plans to redenominate the country’s currency Naira, with effect from January 2023.

The apex bank stated this in a statement released by Isa AbdulMumin, the CBN’s Director of Corporate Communications. 

The statement released by the bank reads;

“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.

We wish to reiterate that the contents of the message are misleading. The authors of the message, in their mischief, modified text taken from an old policy move by a previous CBN Governor in 2007 to make it appear recent.

To avoid 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”

Redenomination of the Naira is knocking out or dropping two zeros from the currency or moving two decimal places to the left which will consequently revive coins back to circulation.