The Central Bank of Nigeria (CBN) has refuted report in a section of the media that it plans to redenominate the Naira with effect from January 2024.
The CBN Director of Corporate Communications, Isa AbdulMumin, in a statement on Tuesday obtained by Persecond News, advised the public to ignore such report.
In monetary economics, redenomination is the process of changing the face value of banknotes and coins in circulation.
It may be done because inflation has made the currency unit so small that only large denominations of the currency are in circulation.
AbdulMumin said: “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 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.
“The public is hereby advised to ignore the news report, as it is speculative and calculated to cause panic in the polity.”
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