{"id":16401,"date":"2023-10-31T21:20:42","date_gmt":"2023-10-31T21:20:42","guid":{"rendered":"https:\/\/theblogonline.com\/?p=16401"},"modified":"2023-10-31T21:20:42","modified_gmt":"2023-10-31T21:20:42","slug":"no-plans-to-redenominate-naira-says-cbn","status":"publish","type":"post","link":"https:\/\/theblogonline.com\/?p=16401","title":{"rendered":"No Plans To Redenominate Naira, Says CBN"},"content":{"rendered":"<p class=\"p1\">The <a href=\"https:\/\/www.cbn.gov.ng\/\" rel=\"nofollow noopener\" target=\"_blank\">Central Bank of Nigeria<\/a> (CBN) says there are no plans to redenominate the country\u2019s legal tender, the naira.<\/p>\n<p class=\"p1\"><span class=\"s2\">The development is coming amid speculation that the CBN plans to change the naira notes to support the local currency against international currencies in the foreign exchange market.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">CBN had previously told Nigerians to ignore the rumours after a WhatsApp message was circulated in September, informing users of the messaging app that the apex bank plans to redenominate the naira.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">In a statement on Tuesday, signed by Isa AbdulMumin, CBN\u2019s director of corporate communications, the apex bank reiterated that the financial regulator does not intend to redenominate the naira.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">Redenomination is the recalibration of a country\u2019s currency, typically due to hyperinflation and currency devaluation, whereby an old currency is exchanged for a new one at a fixed rate.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cWe 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,\u201d CBN said in the statement.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cWe 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.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cFor the avoidance of doubt, there is currently no plan by the Bank to restructure and redenominate the naira.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cWhilst the Bank may be considering reforms, such are subject to laid down procedures in line with the provisions of the CBN Act, 2007.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">The apex bank said Nigerians should ignore the report, as it is speculative and calculated to cause panic.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN) says there are no plans to redenominate the country\u2019s legal tender, the naira.<\/p>\n","protected":false},"author":1,"featured_media":16402,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[131,2644],"class_list":["post-16401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro","tag-cbn","tag-naira"],"_links":{"self":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/16401"}],"collection":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16401"}],"version-history":[{"count":1,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/16401\/revisions"}],"predecessor-version":[{"id":16403,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/16401\/revisions\/16403"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/media\/16402"}],"wp:attachment":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}