Breaking: CBN clarifies that there’s no plans to renominate Naira.

by Amos Kalu
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Claims that the Central Bank of Nigeria intends to redenominate the Naira with effect from January 2023 have been refuted.

The Director of Corporate Communications of CBN, Isa AbdulMumin, announced this in a statement on Tuesday.

CBN

The central bank’s response follows a rumor that it intends to rename the nation’s legal money.

The Bank denied the assertion, stating that it does not intend to reorganize and rename the Naira.

The Central Bank of Nigeria (CBN) has been alerted to the widespread dissemination of a text message indicating that the CBN intends to rename the Naira, the nation’s legal cash, beginning in January 2024.

“We are worried that this narrative—which we have previously refuted—seems to be gaining traction in discussions about the potential effects of such a strategy on the Nigerian economy.

We want to stress once more how misleading the message’s contents are. In their mischief, the message’s creators altered material from an older policy decision made by a former CBN Governor in 2007 to make it seem more contemporary.

To clear up any confusion, the Bank does not currently have plans to rename or reorganize the Naira. Although the Bank may be thinking about reforms, they must follow established protocols in accordance with the CBN Act of 2007.

It said, “The news report is hereby advised to be ignored by the public, as it is speculative and calculated to cause panic in the polity.”


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