Nigerian Central Bank Refutes Claims It Plans to Redenominate the Naira in 2024

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The Nigerian Central Bank has denied claims in a widely circulating text message that it plans to redenominate the naira starting in January 2024. According to the bank, the authors of the message had seemingly “modified text eked from an old policy” by a previous governor in 2007.

Press Release: No Plans To Redenominate The Naira pic.twitter.com/mBMvZogLWs

— Central Bank of Nigeria (@cenbank) October 31, 2023

Nigerians Told to Ignore the Message

The Nigerian Central Bank has refuted claims in a widely circulating text message that it plans to redenominate the faltering local currency in January 2024. In a statement released by its director of communications, the bank said the Nigerian public should ignore the “misleading” message whose objective is to cause chaos.

According to the bank, the said text message, which has been dismissed before, is now seemingly gaining traction and has sparked several debates on such a policy’s impact on the economy.

“We wish to reiterate that the contents of the message are misleading. The authors of the message, in their mischief, modified a text eked from an old policy by a previous CBN Governor in 2007 to make it appear recent,” the central bank’s statement said.

While acknowledging that it is considering reforms, the Central Bank of Nigeria (CBN) however said it has not taken steps to redenominate the naira as stipulated in the CBN Act of 2007. Meanwhile, the bank has since urged Nigerians to ignore the “speculative” message which is “calculated to cause panic in the polity.”

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