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Author Topic: Nigerian CBN denies claims that it plans to redenominate Naira  (Read 3322 times)

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Nigerian CBN denies claims that it plans to redenominate Naira
« on: November 01, 2023, 09:07:00 AM »
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The Central Bank of Nigeria has denied claims that it plans to redenominate the country’s currency, Naira, with effect from January 2023.

Isa AbdulMumin, CBN’s Director of Corporate Communications, made this known on Tuesday in a statement.

The reaction of the apex bank comes following a claim suggesting it plans to redenominate the country’s legal tender.


The Bank refuted the claim, noting that it has no plan to restructure and redenominate the Naira.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to the wide circulation of a text message suggesting that the Bank plans to redenominate the Country’s legal tender, the Naira, with effect from January 2024.

“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.

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