The Central Bank of Nigeria (CBN) has categorically denied recent reports suggesting the Bank’s intentions to redenominate the country’s legal tender, the Naira, effective January 2024, News About Nigeria reports.
In a press statement issued by Isa AbdulMumin, the Director of Corporate Communications at the CBN, the apex bank clarified its position, stating that while the institution might be considering certain reforms, such actions would strictly adhere to established procedures in line with the provisions of the CBN Act of 2007.
The press release emphasised that the text message in circulation, which had led to public concern and debate, was misleading.
It also stated that the authors of this message had taken elements from a previous policy move by a former CBN Governor in 2007 and manipulated it to appear as a recent development.
“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.”
The apex bank reiterated its commitment to following established procedures and ensuring transparency in any proposed reforms.
