Business a.m
The Central Bank of Nigeria (CBN) has stated that it has no plans to redenominate or restructure the naira in 2024.
The CBN’s clarification follows the circulation of a text message falsely claiming that the apex bank will redenominate the naira in 2024.
In a statement released recently,Isa AbdulMumin, the director of corporate communications,CBN, clarified that the information in the text message is incorrect and asked Nigerians to disregard it.
The CBN expressed concern that the narrative of the naira redenomination, which it had previously refuted, seems to be gaining traction. The Bank noted that it had received questions about the implications of such a policy on the economy. It stressed that redenomination is not currently being considered and that any such decision would require extensive consultation with stakeholders and the public.
“We wish to reiterate that the contents of the message are misleading. The authors of the message, in their mischief, modified text eked from an old policy move by a previous CBN Governor in 2007 to make it appear recent.
“For the avoidance of doubt, there is currently no plan by the Bank to restructure and redenominate the naira,” CBN stated.
The CBN clarified that while it may be considering reforms, any such reforms would be subject to the provisions of the CBN Act 2007 and would be communicated through the appropriate channels. The Bank warned the public to be wary of reports that are speculative or intended to cause panic.
The CBN emphasised its commitment to transparency and openness in all its policies and actions, noting that it will continue to uphold the highest standards of accountability and professionalism.
