The Central Bank of Nigeria (CBN) has emphasised that it does not intend to redenominate or restructure the country’s legal tender, the naira.
The refutal came against the backdrop of a widely circulated text message suggesting that the bank plans to phase out the existing banknotes by January 2024.
However, in a statement issued by the CBN Director, Corporate Communications, Dr. Isa AbdulMumin, the apex bank described the reports as speculative and calculated to cause panic in the polity.
The central bank stated that it was particularly worried that the ensuing narrative, which had previously been refuted, appeared to be gaining traction with several debates on the implication of such policy for the Nigerian economy.
Earlier in May, the CBN had denied insinuations that it planned to withdraw the recently redesigned N1000, N500 and N200 currency denominations from circulation.
CBN Insists No Plan To Redenominate Naira
The Central Bank of Nigeria (CBN) has emphasised that it does not intend to redenominate or restructure the country’s legal tender, the naira.
The refutal came against the backdrop of a widely circulated text message suggesting that the bank plans to phase out the existing banknotes by January 2024.
However, in a statement issued by the CBN Director, Corporate Communications, Dr. Isa AbdulMumin, the apex bank described the reports as speculative and calculated to cause panic in the polity.
The central bank stated that it was particularly worried that the ensuing narrative, which had previously been refuted, appeared to be gaining traction with several debates on the implication of such policy for the Nigerian economy.
Earlier in May, the CBN had denied insinuations that it planned to withdraw the recently redesigned N1000, N500 and N200 currency denominations from circulation.
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