CBN debunks $1 for N125 by November plan, says report is fake

The Central Bank of Nigeria (CBN) has distanced itself from a viral publication announcing a plan to introduce a new Naira policy in the country.

The fake report

The apex bank took to its X (formerly Twitter) account on Wednesday morning to warn the general public to shun the viral publication, describing it as fake news.

“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 wrote on the microblogging platform.

The viral publication had claimed that the CBN would introduce the new naira policy by November 2023, which will make the United States of America ($1 USD) exchange for N125.

“The new Strategic Agenda for the Naira was announced by the Central Bank of Nigeria, generating a healthy national debate”, the viral publication stated.

It further stated that the apex bank would introduce currency redomination.

Currency redenomination, as noted in the said publication, “Is the process where a new unit of money replaces the old unity with a certain ratio.

“It is achieved by removing zeroes from a currency or moving some decimal points to the left, with the aim of correcting perceived misalignment in the currency and pricing structure and enhancing the credibility of the local currency”.