Tag: Naira Redenomination
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CBN makes clarification on naira redenomination
Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has denied claims that it plans to redenominate the country’s currency, Naira, with effect from January 2023. The clarification was made public by the CBN’s Director of Corporate Communications,Isa AbdulMumin on Tuesday in Abuja. The reaction of the apex bank via a statement comes following a…
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Fact-Check: Is CBN initiating Naira redenomination that would make $1USD exchange for N1.25?
A viral message suggests that the Central Bank of Nigeria (CBN), under the directive of President Bola Ahmed Tinubu, plans to re-denominate the Naira by removing two zeroes or shifting two decimal points, accompanied by a transition period during which both old and new Naira would coexist. How true is this claim? In 2008, the…