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CBN Denies Plans to Restructure the Naira

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There is no plan to redenominate the country's currency -the naira.

This is according to the Central Bank of Nigeria which says any such narrative is completely "misleading."

The apex bank Director of Corporate Communications, Isa AbdulMumin disclosed this in a statement on Tuesday, pouring cold water on reports which suggested the financial body was planning to redenominate the naira effective January 2024. 

“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,” read Isa's statement. 

“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,” it added. 

However, the apex bank Director also noted that any reforms being considered will be subject to laws provided in the CBN Act, 2007. 


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