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Central Bank of Nigeria dispels redenomination rumours, no plans for Naira restructuring

The Central Bank of Nigeria (CBN) has categorically denied any intentions to redenominate Nigeria’s currency, the naira. This clarification came from Isa AbdulMumim, CBN’s Director of the Corporate Communications Department, in a statement issued on Tuesday in Abuja.

There has been a circulation of social media messages suggesting that the CBN is considering the redenomination of the naira by eliminating two zeros from the currency, causing concerns and discussions regarding the potential impact on the economy.

However, AbdulMumim emphasised that these messages are entirely false and misleading. He pointed out, “We wish to reiterate that the contents of the message are misleading. The authors, in their mischief, modified text eked from an old policy move by a previous CBN governor in 2007 to make it look recent.”

Furthermore, he made it clear that the CBN currently has no plans to restructure or redenominate the naira. Any potential reforms, he stated, would follow established procedures under the provisions of the CBN Act.


AbdulMumim concluded by advising the public to disregard the news reports, as they are speculative and designed to create unnecessary panic.

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