CURRENT REPORT BLOG The Central Bank of Nigeria (CBN) refutes claims of planning to redenominate the Naira, effective January 2023, as alleged in a widely circulated text message. The CBN, through its Director of Corporate Communications, Isa AbdulMumin, issues a statement emphasizing that there is no such intention. The circulated message has been deemed misleading, as it appears to be based on an old policy move from 2007, taken out of context to create a false impression of recent plans. The CBN clarifies that while reforms may be considered, any such actions would follow established procedures in accordance with the CBN Act, 2007. The public is advised to disregard the speculative news report and not succumb to undue panic.
