CBN: No plans to redenominate the Naira


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 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.

Isa AbdulMumin PhD
Director, Corporate Communications