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Naira Redenomination: How Mischief Makers Tweaked an Old SMS to Mislead the Public


….CBN Says No Such Plan

The Central Bank of Nigeria has denounced reports in the media which suggest that the apex bank is in the process of redenominating or restructuring the naira.

On Tuesday in a statement signed by the bank’ s spokesman, Dr. Isa Abdulmumin, the bank stated that the attention of the Central Bank of Nigeria (CBN) has been drawn to the wide circulation of a text message suggesting that the Bank plans to redenominate the country’s legal tender, the Naira, with effect from 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,” the bank added..

“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. Whilst the Bank may be considering reforms, such are subject to laid down procedures in line with the provisions of the CBN Act, 2007.

The bank therefore advised the public to ignore the news report, “as it is speculative and calculated to cause panic in the polity.”

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