The Central Bank of Nigeria (CBN) has officially clarified that it has no intentions of redenominating or restructuring the Nigerian naira notes in the year 2024.

This statement was made in response to circulating text messages suggesting otherwise.

In a statement released by Isa AbdulMumin, the Director of Corporate Communications at the CBN, the bank urged Nigerians to disregard the text messages, emphasizing that they are misleading and based on outdated information.

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The CBN went on to explain that the text messages falsely portrayed an old policy move from 2007 as a recent development.

The CBN firmly stated, “For the avoidance of doubt, there is currently no plan by the Bank to restructure and redenominate the naira.” While the CBN acknowledged that reforms might be under consideration, they assured the public that such decisions would be made through proper procedures in accordance with the CBN Act of 2007.

Isa AbdulMumin added, “The public is hereby advised to ignore the news report, as it is speculative and calculated to cause panic in the polity.”

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The CBN’s statement comes after a redesign of the N200, N500, and N1000 notes in 2022, indicating the bank’s commitment to currency improvements.