Mercy Johnson
The Central Bank of Nigeria (CBN) has denied rumours about plans to redenominate the naira in 2024.
In a statement signed by the Bank’s Director, Corporate Communications, Isa AbdulMumin and shared on the Bank’s X handle on Tuesday, it there is no plans to restructure the naira in 2024.
Join our WhatsApp ChannelThe bank asked Nigerians to disregard a circulating text message that implied such plans to redenominate the naira in the coming year, asserting that the text message is misleading.
“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,” the statement read.
It added however that “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,” it added.
The apex bank had redesigned the N200, N500 and N1000 notes in 2022 the policy suffered setback as the new currency notes could not circulate widely leading to scarcity when the old cash were taken out circulation.
The situation threw the nation into a cash squeeze and the redesign policy halted by a Supreme Court judgement which extended the deadline to December 31 2023 for the old cash to cease being in circulation.
