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CBN denies plans to redenominate the naira from January 2024



CBN Building 1

The Central Bank of Nigeria has clarified that there are no plans to redenominate the country’s currency from January 2024.  

The apex bank made this known in a statement signed by its Director of Corporate Communication Isa AbdulMumin and posted on its X handle today.

The bank noted that the purported text messages stating it intends to redenominate Nigeria’s lender tender did not originate from it.  

The bank noted that the purported text message was merely a modification of a text by a previous CBN Governor in 2007 and made it appear recent.  

It further allayed Nigeria’s fears that currently, there are no plans to restructure or redenominate the naira and that any reform on the agenda will conform with the provisions of the CBN Act of 2007. 

Furthermore, the bank advised the public to disregard such publications as they are meant to cause unnecessary panic in the polity.