The Central Bank of Nigeria has officially stated that there are no intentions to redenominate or restructure the naira notes in 2024.
This declaration was made on Tuesday through a statement signed by its Director of Corporate Communications, Isa AbdulMumin, and shared on its official communication platform.
The CBN strongly urged the Nigerian population to disregard the widespread circulation of a text message suggesting that the Bank has plans to redenominate the country’s legal tender in the coming year.
They emphasized that the contents of this message are deceptive.
The bank expressed concern that this misleading narrative, previously refuted, is gaining momentum and sparking debates about its potential impact on the Nigerian economy.
The CBN reiterated that the message’s contents are deceptive, and the authors had manipulated text from an older policy move made by a previous CBN Governor in 2007 to make it appear recent.
To clarify, the Central Bank of Nigeria presently has no intentions of restructuring or redenominating the naira.
However, it noted that any reforms under consideration must follow established procedures outlined in the CBN Act of 2007.
The public is strongly advised to dismiss these speculative news reports, as they are calculated to incite panic and are not based on factual information, according to AbdulMumin. It’s worth noting that in 2022, the bank did redesign the N200, N500, and N1000 notes.
