No plans to redenominate naira notes — CBN


The Central Bank of Nigeria (CBN) has announced that there are no intentions to redenominate or restructure the naira notes in 2024.

This statement was released on Tuesday through a press release signed by the Director of Corporate Communications, Isa AbdulMumin, and posted on the official CBN social media account.

CBN urged Nigerians to ignore the widespread dissemination of a text message implying that the Bank is considering redenominating the nation’s legal tender in the coming year.

They have clarified that the contents of this message are misleading.

“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.

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



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