There are many mischievous people spreading unverified stories gotten from unverified sources around.

This information if not well handled can create confusion and can escalate into something unimaginable if not quickly nipped in the bud.

That is why the Central Bank of Nigeria (CBN), is reacting to a rumor making the rounds.

In a bid to set the record straight, the Central Bank of Nigeria (CBN), has denied the news about naira redenomination.

The CBN said there was currently no plan to redenominate the country’s legal tender or to restructure the naira.

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CBN Not Restructuring The Naira

In a statement, the spokesman for the CBN, Isa AbdulMumin, denied the rumour. he says it is false and baseless.

Isa said, 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 statement read: “Our attention 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.

“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.

Ignore The Report

“We wish to reiterate that the contents of the message are misleading.

“The mischief makers modified a text, eked from an old policy move by a previous CBN Governor In 2007 to make it appear recent.

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“For the avoidance of doubt, there is currently no plan by the Bank to restructure and redenominate the naira”.

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

“We advise the public to ignore the news report, as it is speculative and calculated to cause panic in the polity”.