Cardoso’s CBN Says No Plan To Change Naira Notes

The Central Bank of Nigeria, CBN, says report that it plans to re-denominate the naira by January 2024 as false.

Recall that naira re-denomination was a controversial issue under the sacked CBN governor, Godwin Emefiele before it was stopped by the Supreme court.

Reacting to the report, the apex bank in a statement signed by its spokesman, Isa Abdulmumin, stated that it was peddled by false mongers.

Abdulmumin dismissed the suggestion, stressing that  the Cardoso-led CBN has no plan to change the old naira notes in circulation to new ones.

The statement said, “We are concerned that this narrative, which we had refuted before now, appears to be gaining traction with several debates on the implication of such a policy for the Nigerian economy.

“We wish to reiterate that the contents of the message are misleading. The authors of the message, in their mischief, modified text eked from an old policy move by a previous CBN Governor in 2007 to make it appear recent.

“For the avoidance of doubt, there is currently no plan by the Bank to restructure and redenominate the naira. The public is hereby advised to ignore the news report, as it is speculative and calculated to cause panic in the polity.”

In 2022 the Emefiele-led CBN caused a serious naira scarcity and hardship among Nigerians after redesigning the N200, N500 and N1000 notes.

The apex court later axed the policy to the wild jubilations of not a few Nigerians who suffered untold hardship as a result of it.