No Plans to Redenominate Naira — CBN

Through an official statement released on Tuesday, the central Bank of Nigeria (CBN) made it clear that, there are no plans to redenominate or restructure Nigerian notes in 2024.
New Naira Notes
New Naira NotesPunch

Isa AbdulMumin, the director of corporate communications of CBN made this announcement on the commission's official Twitter handle.

The CBN took this opportunity to address an inaccurate text message circulating widely that falsely claims it plans on redenominating legal tender in Nigeria within this year. They stressed this message was misinforming and strongly advised Nigerians not to believe its contents.

“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.”

However, it added that while the bank may be considering reforms, “such are subject to laid down procedures in line with the provisions of the CBN Act, 2007.

“The public is hereby advised to ignore the news report, as it is speculative and calculated to cause panic in the polity,” AbdulMumin added.

Recall, The Apex bank had in 2022 redesigned the N200, N500 and N1000 notes.

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