The Nigerian Government has stated that it will not be restructuring or redenominating the naira notes in 2024.
This was announced by the central bank on Tuesday in a statement posted on its X account and signed by Isa AbdulMumin, Director, Corporate Communications.
according to jerrymusa.com the Central Bank of Nigeria (CBN) has cautioned Nigerians to reject a widely circulated text message that falsely claims the bank will redenominate the country’s legal money in 2019.
We’re worried that this storyline, which we previously debunked, is gaining support, as evidenced by the proliferation of discussions on what effect this policy would have on the Nigerian economy.
We stress that this message is deceptive. In their mischief, the message’s creators tweaked material taken from a 2007 policy shift by a former CBN governor to make it sound more up-to-date.
To clear things up, “the bank has no plans to restructure and redenominize the Nigeria Naira at this time.”
While the bank is exploring reforms, it must follow established procedures in accordance with the terms of the CBN Act of 2007, the document noted.
“The public is hereby advised to ignore the news report as it is speculative and calculated to cause panic in the polity,” AbdulMumin said.
In 2022, the bank issued new designs for the N200, N500, and N1000 bills.