CBN Speaks on New Naira Policy: To Exchange $1 For ₦125

The Central Bank of Nigeria (CBN) has warned the public to disregard a fake news circulating on social media, claiming that the apex bank is planning to introduce a new naira policy and exchange rate by November 2023.

The CBN described the publication as false and misleading, and urged Nigerians to rely on its official channels for accurate information.

The fake news, which was attached to a screenshot of the CBN’s X (formerly Twitter) account, alleged that the CBN would implement a new strategic agenda for the naira, which would make the United States dollar ($1 USD) exchange for N125.

The publication also claimed that the CBN would introduce currency redenomination, which is the process of removing zeroes from a currency or moving some decimal points to the left.

The CBN, however, denied any such plan and advised the public to ignore the fake news. The bank posted a statement on its X account on Wednesday morning, distancing itself from the publication and affirming its commitment to maintaining the stability of the naira.

“The Central Bank of Nigeria would like to bring to your attention that the attached message currently circulating on social media is false and should be disregarded,” the bank wrote.

The CBN also advised the public to report any suspicious messages or activities to its hotline or email address. The bank said it would continue to monitor the situation and take appropriate actions to protect the integrity of the naira and the Nigerian economy.

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