BREAKING: CBN plans to change naira notes in 2024.
The Central Bank of Nigeria (CBN) has denied plans to re-denominate the naira, saying, the statement credited to it on the various social media platforms is fake. Messages making the rounds on social media platforms such as WhatsApp and Facebook claim that the CBN plans to introduce a new naira policy that will see the naira being redenominated. According to the message, the redenomination process will take place by dropping two zeros from the currency or moving two decimal places to the left. The message read, “The name of the national currency will still be the Naira. However, during the transition period, the existing Naira will be referred to as the “Old Naira”, and the new one to be called the “New Naira”. After the transition period, the word “New” may be dropped. For example, the following equivalents will obtain as we re-denominate: “50 kobo Half kobo; N1 = 1 kobo coin; N2 = 2 kobo coin; N5 = 5 kobo coin; N10 = 10 kobo coin; N20 = 20 kobo coin; N50 = 50 kobo coin or