CBN speaks out on its intentions to renominate “Naira”

The Central Bank of Nigeria (CBN) has denied reports claiming it plans to change the Naira’s denomination.

A social media rumour stated that the nation’s central bank planned to rename the nation’s currency.

When the Naira hit its lowest point versus the dollar last week, that’s when these rumours first surfaced.

But according to the statement on the CBN’s X website, “The Central Bank of Nigeria (CBN) has been alerted to the widespread dissemination of a text message indicating that the Bank intends to redenominate the nation’s legal tender, the Naira, with effect from January 2024.”

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We are worried because, despite our earlier debunking of this story, it seems to be gaining currency in discussions about the potential effects of such a strategy on the Nigerian economy.

We would like to stress again how misleading the message’s contents are. The message’s creators, in their mischievousness, altered material to make it seem more modern by referencing an outdated policy decision made by a former governor of the CBN in 2007.

“To be clear, the Bank does not currently have any plans to rename or reorganise the naira. The CBN Act of 2007 stipulates that while the Bank may be exploring reforms, they must follow specific procedures.

“The news report should be disregarded by the public as it is speculative and intended to incite fear among the political elite.”