By Daniel Edu
The Central Bank of Nigeria (CBN) has officially stated that there are no plans to redenominate or restructure the naira notes in 2024. This announcement was made through a statement signed by the Director of Corporate Communications at the CBN, Isa AbdulMumin, and shared on the bank’s official communication channels.
The CBN has urged Nigerians to disregard a widely circulated text message suggesting that the bank intends to redenominate the country’s legal tender in the coming year. The CBN emphasized that the contents of the message are misleading.
The statement from the CBN read, “We are concerned that this narrative, which we had refuted before now, appears to be gaining traction with several debates on the implication of such a policy for the Nigerian economy. We wish to reiterate that the contents of the message are misleading.”
The CBN further explained that the authors of the message had taken text from a previous policy move by a former CBN Governor in 2007 and modified it to make it seem recent. They made it clear that there is currently no plan by the bank to restructure and redenominate the naira.
While the CBN may consider reforms, it stressed that any such changes would be carried out following established procedures in accordance with the provisions of the CBN Act, 2007.
The CBN advised the public to disregard the news report, describing it as speculative and potentially aimed at causing unwarranted panic. It is worth noting that in 2022, the CBN did redesign the N200, N500, and N1000 notes, but this was separate from any redenomination plans.
