"It is Misleading": CBN Finally Speaks on Redenominating the Naira by January 2024

"It is Misleading": CBN Finally Speaks on Redenominating the Naira by January 2024

  • The CBN has opened up to the claims that it plans to redenominate the naira by January 2024
  • According to the apex bank, the claim is not true as it was sponsored to incite fear in Nigerians
  • It noted that should the CBN plan such, established protocols would be followed by the bank

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market

The Central Bank of Nigeria (CBN) has denied plans to redenominate Nigeria's legal currency, the naira.

This is in reaction to a text message that has been extensively shared and purportedly revealed to indicate that the bank intends to redenominate the naira starting in January 2024.

“It is misleading”: CBN finally speaks on redenominating the naira by January 2024
CBN denied any plans to redenominate the naira. Photo Credit: CBN
Source: UGC

CBN said claims to redenominate the naira are misleading

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A statement from CBN, endorsed by Isa AbdulMumin, head of corporate communications, characterised the text message as "misleading" and "designed to incite fear in the political community."

The CBN 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.”

The CBN stated that if the need for adjustments arises, it would need to follow established protocols in accordance with the CBN Act of 2007's stipulations.

It went on to say that the bank does not currently have any plans to restructure and redenominate the naira.

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The bank advised the public to disregard the text messages, claiming they were speculative and intended to incite fear among the populace.

Legit.ng reported that the CBN said the plan to phase out the old N200, N500, and N1,000 notes is still on as new banknotes are still being issued.

The apex bank recently revealed that it spent N29.64 billion on the printing, processing, distributing, and disposing of currency notes in 2022.

Concerns as CBN Lifts Ban on 43 Items to Stabilise Naira Against US Dollar

On Thursday, October 12, 2023, the Central Bank of Nigeria (CBN) announced that it is readmitting importers of 43 items banned by the leadership of Godwin Emefiele into the official forex market, Legit.ng reported.

On the surface, this looks like a step in the right direction as the new CBN management team led by Yemi Cardoso tries to find a solution to the bleeding naira in the foreign exchange market.

However, on closer examination, it is another case of putting the cart before the horse.

Source: Legit.ng

Zainab Iwayemi avatar

Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science (B.sc) degree in Sociology from the University of Ilorin, Kwara State. Before Legit.ng, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via zainab.iwayemi@corp.legit.ng

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