• Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
Saturday, August 9, 2025
  • Login
No Result
View All Result
NEWSLETTER
Elanza News
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
No Result
View All Result
Elanza News
Home Business

Central Bank of Nigeria Confirms No Redenomination Plans

Tambaya Julius by Tambaya Julius
November 2, 2023
in Business, News
0
Central Bank of Nigeria Confirms No Redenomination Plans
0
SHARES
8
VIEWS
FacebookTwitterWhatsappEmailTelegram

In response to recent speculations, the Central Bank of Nigeria (CBN) categorically denies any intentions to redenominate the nation’s currency, the Naira, effective from January 2024.

The Central Bank of Nigeria (CBN) has once again reaffirmed its stance, refuting claims that it intends to redenominate the nation’s legal tender, the Naira.

RelatedPosts

Marwa Advocates Collective Action Against Drug Dealers, Cultists, Bandits

Transcorp Hilton Abuja Appoints New General Manager

Police Arrest 6 Suspects in FCT ‘One Chance’ Operation

This comes in light of recent suggestions that such a move is on the horizon.

Isa AbdulMumin, the Director of Corporate Communications at CBN, issued a statement to clarify the central bank’s position on this matter.

He emphasized that the CBN has no intentions to restructure and redenominate the Naira.

AbdulMumin expressed concern over the widespread circulation of a text message that implied the CBN’s plans to redenominate the Naira starting from January 2024.

He pointed out that this narrative, which the CBN had refuted previously, is gaining traction in discussions about its potential implications on the Nigerian economy.

The CBN’s Director of Corporate Communications shed light on the deceptive nature of the text message, suggesting that the authors had taken text from a past policy move by a former CBN Governor in 2007 and presented it as a recent development.

CBN’s Commitment to Transparency
To dispel any doubts, AbdulMumin stressed that there is currently no agenda within the CBN to restructure or redenominate the Naira.

He did, however, acknowledge that the CBN might be considering reforms, but these would adhere to established procedures outlined in the CBN Act of 2007.

ALSO READ:  Rivers Crisis:Tinubu Defends Nigeria’s Unity, Aide Fires Back At Jonathan, Soyinka

The CBN’s official statement concludes by advising the public to dismiss the speculative news report, as it appears to be aimed at sowing panic in the country.

The CBN remains steadfast in its commitment to maintaining the current Naira structure.

This informative article provides clarity on the CBN’s stance regarding Naira redenomination, dispelling misconceptions and reaffirming the central bank’s commitment to financial stability. Stay informed to make sound financial decisions.

Tags: CBN (Central Bank of Nigeria)Isa AbdulMuminNaira Redenomination
Tambaya Julius

Tambaya Julius

Julius is a journalist, a BSc Holder in Mass Communication.

Related Posts

How NDLEA arrested wanted drug baron 17 years after – Marwa

Marwa Advocates Collective Action Against Drug Dealers, Cultists, Bandits

by Nathaniel Irobi
August 9, 2025
0

The chairman, National Drug Law Enforcement Agency, retired, Buba Marwa has called for collective action involving families, religious and community...

Transcorp Hilton Abuja Appoints New General Manager

Transcorp Hilton Abuja Appoints New General Manager

by Nathaniel Irobi
August 9, 2025
0

The Management of Transcorp Hilton Abuja has appointed Mr. Martin Zarybnicky, as the new General Manager. His appointment took effect...

Ondo Police Rescue 40 Ghanaians Trafficked into Nigeria, Arrest 3 suspects

Police Arrest 6 Suspects in FCT ‘One Chance’ Operation

by Nathaniel Irobi
August 9, 2025
0

The Federal Capital Territory Police Command has apprehended six individuals believed to be part of a "one chance" robbery syndicate....

Recommended

Gusau Protest: Banga Residents Brutalised as Gov Lawal Ignores Insecurity

Gusau Protest: Banga Residents Brutalised as Gov Lawal Ignores Insecurity

2 days ago
Adesina advocates Africa-led ‘Marshall Plan’ to rebuild conflict-hit regions

AfDB Says Africa Has 12 Out of 20 Fastest-growing Global Economies

2 days ago

Popular News

  • Kaduna Baptist Church Donates N50,000 Each To 12 Muslims, 4 Retired Pastors

    Kaduna Baptist Church Donates N50,000 Each To 12 Muslims, 4 Retired Pastors

    0 shares
    Share 0 Tweet 0
  • Cross River State Triumphs at Prestigious All-women Interstate Debate

    0 shares
    Share 0 Tweet 0
  • BRGIE Acting Prime Minister Provides Explosive Testimony to U.S. Congress Calling For Release of Mazi Nnamdi Kanu & Simon Ekpa

    0 shares
    Share 0 Tweet 0
  • Haske: The Rise Of A New Movement

    0 shares
    Share 0 Tweet 0
  • Rahila Bags Presidential’s NYSC Honours Award For Community Service

    0 shares
    Share 0 Tweet 0

Connect with us

Facebook Instagram Twitter Youtube
Elanza logo

Elanza News is your NO 1 online platform for all news update.
#SayNoToFakeNews
Contact Us

Category

  • Arts & Literature (25)
  • Business (756)
  • Education (221)
  • Entertainment (312)
  • Health (199)
  • National (2,283)
  • News (8,464)
  • Opinion (312)
  • Politics (1,671)
  • Science (15)
  • Security (406)
  • Sports (459)

Newsletter

© 2023 Elanza News - The No 1 online news platform

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Politics
  • Business
  • Science
  • National
  • Entertainment
  • Sports
  • Health

© 2023 Elanza News - The No 1 online news platform