CBN debunks rumours of naira redenomination

By Sabiu Abdullahi 

The Central Bank of Nigeria (CBN) has debunked rumors of a naira redenomination in the near future. 

In a statement, which was signed by the bank’s Director of Corporate Communications, Isa AbdulMumin, on October 31, 2023, the apex bank states that the contents of a text message circulating widely suggesting that the CBN plans to redenominate the naira in January 2024 are “misleading.” 

It further states that the authors of the text message “modified text eked from an old policy move by a previous CBN Governor in 2007 to make it appear recent.”  

The CBN advised the public to ignore the rumors, as they are “speculative and calculated to cause panic in the polity.”

The bank also stated that any reforms to the naira would be subject to “laid down procedures in line with the provisions of the CBN Act, 2007.”