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The Central Bank of Nigeria has refuted the report that it plans to redenominate the Naira from January 2023.
The bank conveyed this information in an official statement signed by its Director of Corporate Communication, Isa AbdulMumin, and shared on its official social media account today. This rebuttal is in direct response to a widely circulated text message that indicated the bank’s intention to redenominate the naira, starting from January 2024.
The apex bank described the text message as “misleading” and “calculated to cause panic in the polity.”
“The attention of the Central Bank of Nigeria to the wide circulation of text messages suggesting that the bank plans to redenominate the country’s legal tender, the naira from January 2024. We are concerned that this narrative which we have refuted before now appears to be gaining traction with several debates on the implication of such a policy on the Nigerian economy” the statement read in part.
The central bank clarified that the creators of the text message had taken content from an older policy enacted by a former CBN Governor in 2007 and presented it as a recent development.
“We wish to reiterate that the content of the message is misleading. The authors of the message in their mischief modified a text from an old policy move by a previous CBN Governor in 2007 to make it appear recent” it stated.
The CBN emphasised that it might contemplate reforms, but any such reforms would adhere to established procedures by the provisions outlined in the CBN Act of 2007.
The apex bank firmly reiterated that it presently has no intentions to revamp or redenominate the naira. It urged the public to disregard the text message and any related reports, emphasizing that these claims are speculative and seem designed to create unwarranted alarm in the country. — Business Insider Africa.
Online Reporter