CBN Breaks Silence on Naira Redenomination Claim

The Central Bank of Nigeria (CBN) has dismissed the rumour that it intends to redenominate the Naira, the country’s currency, from January 2024.

The rumour, which circulated via text message, claimed that the CBN planned to change the value and appearance of the Naira notes and coins.

However, the CBN’s Director of Corporate Communications, Isa AbdulMumin, issued a statement on Tuesday, denying the rumour and calling it misleading and mischievous.

He said that the rumour was based on an old policy proposal by a former CBN Governor in 2007, which was never implemented.

He also said that the CBN had no intention of restructuring and redenominating the Naira, and that any reforms would follow due process and legal provisions.

He urged the public to disregard the rumour, as it was meant to create confusion and panic in the economy.

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