The Central Bank of Nigeria has no plan to redenominate or restructure the naira notes in 2024.<\/p>\n
The apex bank announced this on Tuesday in a statement signed by Isa AbdulMumin, Director of Corporate Communications, and tweeted on its Twitter.<\/p>\n
The Central Bank of Nigeria (CBN) urged Nigerians to disregard the widespread circulation of a text message claiming that the Bank intends to redenominate the country\u2019s legal tender next year, claiming that the message\u2019s contents are misleading.<\/p>\n
\u201cWe are concerned that this narrative, which we had refuted before now, appears to be gaining traction with several debates on the implication of
\nsuch a policy for the Nigerian economy.<\/p>\n
\u201cWe 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.<\/p>\n
\u201cFor the avoidance of doubt, there is currently no plan by the Bank to restructure and redenominate the naira.\u201d<\/p>\n
However, it added that while the bank may be considering reforms, \u201csuch are subject to laid down procedures in line with the provisions of the CBN Act, 2007.<\/p>\n
\u201cThe public is hereby advised to ignore the news report, as it is speculative and calculated to cause panic in the polity,\u201d AbdulMumin added.<\/p>\n
The bank had in 2022 redesigned the N200, N500 and N1000 notes.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Central Bank of Nigeria has no plan to redenominate or restructure the naira notes in 2024. The apex bank announced this on Tuesday in a statement signed by Isa AbdulMumin, Director of Corporate Communications, and tweeted on its Twitter. The Central Bank of Nigeria (CBN) urged Nigerians to disregard the widespread circulation of a […]<\/p>\n","protected":false},"author":2,"featured_media":4154,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-4153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/4153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/comments?post=4153"}],"version-history":[{"count":1,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/4153\/revisions"}],"predecessor-version":[{"id":4155,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/4153\/revisions\/4155"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media\/4154"}],"wp:attachment":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media?parent=4153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/categories?post=4153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/tags?post=4153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}