Home BUSINESS BANKING & FINANCE No Plan To Re-Denominate Naira, CBN Spokesman, Dr. Isa Clarifies 

No Plan To Re-Denominate Naira, CBN Spokesman, Dr. Isa Clarifies 

Director in the Corporate Communications Department of the Central Bank of Nigeria (CBN), Dr. Isa AbdulMumim, has made it clear that there is no plan by the apex bank to
re-denominate Nigeria’s Naira.
In a statement in Abuja today, October 31, the apex bank spokesman said that the news making the rounds in the social a media about plan to redenominate the Naira by cancelling two zeros from the currency is fake.
“The attention of the CBN has been drawn to the wide circulation of a text message suggesting that the apex 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 policy to the economy.
“We wish to reiterate that the contents of the message are misleading.
“The authors, in their mischief, modified text eked from old policy move by a previous CBN governor in 2007 to make it look recent.”
Dr.  Isa AbdulMumim said that there is currently no plan by the CBN to restructure and redenominate the Naira.
“Whilst the apex bank may be considering reforms, such are subject to laid down procedure in line with provisions of the CBN Act.
“The public in hereby advised to ignore the news report, as it is speculative and calculated to cause panic.”

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