Nigeria CBN Refutes Rumors of Naira Redenomination, Citing Misleading Narratives and Speculation

The Central Bank of Nigeria (CBN) has issued a statement to dispel rumors of plans to redenominate the country's legal tender. The CBN's Director of Corporate Communications, Isa AbdulMumin, clarified the bank's position amid growing speculation about a potential redenomination policy.

The statement expressed concern over the spread of misleading narratives that had gained traction and caused debates on the policy's implications for Nigeria's economy. It emphasized that there was no current plan by the CBN to restructure and redenominate the naira.

The CBN highlighted that the authors of the misleading message had taken text from an old policy move by a previous CBN Governor in 2007 and portrayed it as recent. The bank urged the public to disregard the speculative news report, which appeared to be aimed at creating panic.

While acknowledging that the CBN might consider reforms, AbdulMumin clarified that any such actions would follow laid-down procedures in accordance with the provisions of the CBN Act, 2007. The CBN's statement aimed to address the rumors and provide clarity on the situation.