The Central Bank of Nigeria (CBN) has debunked a report of planning a naira redenomination policy that would see the Nigerian currency almost equal to the U.S dollar at N1.25 kobo to a dollar.
The apex bank issued the disclaimer on its official X. page (formerly Twitter), accompanied by a screenshot of the fake report from an undisclosed source.
The report claimed that the CBN is mulling a new FX policy tagged ‘Strategic Agenda for the Naira’,scheduled for November 2023.
According to the report, the new agenda is expected to better anchor inflation expectations and strengthen public confidence in the Naira.
It also stated that the policy will make for easier conversion to other major currencies,
reverse tendency for currency substitution, eliminate higher denomination notes with lower purchasing power, reduce the cost of production, distribution, and processing of currency among other economic benefits.
The report also stated that new policy will lead to the introduction of coins for public transactions as the naira obtains new equivalents. The development, according to the report would see the N5 note converted into 5 kobo coin;N10 note into N10 kobo coin;N20 into 20 kobo coin;N50 note into 50 kobo coin or note; N100 note into N1 note; N200 note into N2 note; N500 into N5 note; N1,000 into N10 note and the N2,000 converted to N20 note.
Reacting to the report, the CBN stated that the information communicated in the report is entirely false and should be disregarded by the public.
“The Central Bank of Nigeria would like to bring to your attention that the attached message currently circulating on social media is false and should be disregarded,” the CBN posted on its X handle.