CBN Denies Plan To Redenominate Naira, Says Rumor Is Misleading, Malicious

CBN Denies Plan To Redenominate Naira, Says Rumor Is Misleading, Malicious

Fawaz Adebisi

The Central Bank of Nigeria (CBN) has dismissed a rumor that it plans to change the name and value of the Naira, the country’s currency.

The rumor, which was circulating on social media, claimed that the CBN would redenominate the Naira from January 2024.

The CBN said in a statement on its X page that the rumor was false and intended to cause panic in the economy.

The statement said that the rumor was based on an old policy proposal by a former CBN Governor in 2007, which was never implemented.

The statement added that the CBN had no intention of restructuring and redenominating the Naira at this time.

It said that any such policy would follow due process and be in accordance with the CBN Act, 2007.

The CBN urged the public to ignore the rumor and rely on official sources for accurate information.

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