The CBN has distanced itself from a viral publication that purportedly announced a new Naira policy for Nigeria.
The central bank issued a public warning via its X (formerly Twitter) account on Wednesday morning, urging people not to believe the viral publication.
“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 bank declared on Twitter.
According to reports from Naija News, the viral article promised that by November 2023, the CBN will implement a new currency policy that would see $1 USD convert to N125.
That “the new Strategic Agenda for the Naira was announced by the Central Bank of Nigeria, generating healthy national debate,” the widely shared article claimed.
The central bank’s plan to redenominatize currency was also detailed.
As stated in the aforementioned book, redenomination occurs when a new monetary unit is introduced to replace an older one at a predetermined exchange rate. With the goal of improving the credibility of the local currency, this is accomplished by erasing zeros from a currency or shifting some decimal places to the left.
Check out the CBN-shared ‘false’ article below.
