By Ibrahim Danladi

The Central Bank of Nigeria (CBN) has categorically denied any plans to redenominate the country’s currency, the Naira, effective from January 2023. Isa AbdulMumin, the Director of Corporate Communications at CBN, issued a statement on Tuesday refuting claims circulating about the bank’s intention to redenominate the Naira.

The statement clarified that the CBN has no such plans to restructure or redenominate the Naira. It expressed concern over the widespread dissemination of a text message suggesting otherwise and emphasized that the contents of the message are misleading. The CBN highlighted that the authors of the message had manipulated text from a previous policy move in 2007 to create a false impression of recent developments.

The CBN’s statement firmly stated that there is currently no intention within the bank to redenominate the Naira. While the bank may be considering reforms, any such measures would follow established procedures outlined in the CBN Act, 2007. The public was urged to dismiss the speculative news report, which was designed to cause unnecessary panic.