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CBN Refutes Claim to Restructure Notes

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CBN House

CEM REPORT, FINANCE | The Central Bank of Nigeria (CBN), has stressed that there is currently no plan by the Bank to restructure and redenominate the naira as against widely circulated text message suggesting that the Bank plans to redenominate the Naira, with effect from January 2024.

The bank noted that while it may be considering reforms, such would be subject to laid down procedures in line with the provisions of the CBN Act, 2007.

CBN asserted in a statement published on its X handle signed by its Director of Corporate Communication Isa AbdulMumin.

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The monetary regulator described the circulating text message as misleading and mischievous. It noted that the circulating message is a modified text from an old policy move by a previous CBN Governor in 2007.

“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.

“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.”

CBN advises the general public to disregard the information as it would only lead to unwarranted panic.

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

The bank noted any reform it will attempt will be in accordance with the provisions of the CBN Act, 2007.

Earlier in May, the CBN had denied insinuations that it planned to withdraw the recently redesigned N1000, N500 and N200 currency denominations from circulation.

The central bank’s clarification had followed the circulation of fake news particularly on social media that it was considering phasing out the scarce banknotes.

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