The Central Bank of Nigeria (CBN) on Tuesday has reacted to viral reports circulating online that it plans to redenominate the naira.
DAILY GIST understands that there have been many insinuations from several quarters that the Central Bank of Nigeria, CBN, is planning to onboard the measure as part of its overall monetary policy package from the new team at the apex bank.
Re-denomination is often used to describe a process in which a country adjusts its currency by changing the nominal value which changes the actual purchasing power of the currency.
However, in a statement on Tuesday by its Director, Corporate Communications, Isa AbdulMumin, the CBN expressed surprise over reports that it plans to redenominate the nation’s currency.
The apex bank urged the public to ignore such news, describing it as speculative and calculated to cause panic in the polity.
The statement reads: “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.
“We wish to reiterate that the contents of the message are misleading. The authors of the message, in their mischief, modified text taken from an old policy move by a previous CBN Governor in 2007 to make it appear recent.
“To avoid 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.”
