redesigned 500 naira note

Is CBN Planning To Redenominate The Naira?

Last updated on December 19th, 2023 at 03:55 pm


The Central Bank of Nigeria (CBN) has no plan to redenominate the naira, a statement by the apex bank said on Tuesday.


There is speculation in circulation that claims that Nigeria is planning to redenominate its currency by January 2024.

The speculation gained traction both on social media and some messaging apps, causing panic among investors and in the foreign exchange market.


CBN reacts

Reacting, the apex bank in a communique said the plan to redenominate the Nigerian currency was last conceptualized in 2007, but was not implemented.

The statement read:

“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.

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

Director of Corporate Communications at CBN, Isa AbdulMumin advised the general public to ignore the news report, “as it is speculative and calculated to cause panic in the polity.”

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Charles Soludo, former CBN governor carried out lots of monetary policies including consolidation and recapitalisation of the banking sector.

Part of his plan was to redenominate the naira, but dropped the plan. He was CBN boss between 2004 to 2009.

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