CBN Denies Plans to Re-Denominate the Naira

The Central Bank of Nigeria (CBN) has dismissed the rumours circulating on social media that it intends to re-denominate the naira, the country’s currency. The CBN said that the message attributed to it on various platforms is false and should be ignored by the public.

According to the message, the CBN was planning to introduce a new naira policy that would see the naira re-denominated such that $1 would equal N1.25 by November 2023. The message also claimed that the name of the national currency would still be the naira, but the existing naira would be referred to as the “Old Naira”, and the new one as the “New Naira”.

However, the CBN said that there was not an iota of truth in the message, describing it as fake. It urged members of the public to disregard the message and not spread it further.

The CBN also clarified that it has no plans to withdraw the naira notes from circulation and replace them with digital currency, the eNaira, as some reports had suggested. The CBN said that the eNaira, which is expected to be launched soon, is a complementary form of money that will coexist with cash and other payment options.