There’s been a viral claim circulating on social media recently, suggesting that the Central Bank of Nigeria (CBN) is gearing up to implement a new naira policy by November 2023.
According to this assertion, the exchange rate would be set at $1 USD to 1.25 naira, purportedly at the behest of President Bola Ahmed Tinubu, aimed at easing the financial strain on Nigerians and curbing inflation. Nevertheless, a comprehensive fact-check conducted by The Explainer fact checkers reveals that this claim lacks credibility and it’s deceptive.
After an extensive investigation, The Explainer fact-checkers could not find any reputable media sources reporting on this claim, raising doubts about its authenticity. Furthermore, a visit to the official CBN website stated nothing in support of the alleged new policy.
Rather , it was noticed that the false claim originated from the CBN’s FAQ section, dating back to August 2007. In the said archived document, the CBN discussed currency re-denomination rather than a recent policy alteration. The mentioned currency re-denomination from 2007 was part of the “Strategic Agenda for the Naira” announced during the presidency of Umaru Musa Yar’Adua.
The primary goal of this agenda was to establish the Naira as the “Reference Currency in Africa” as part of the Financial System Strategy 2020 (FSS2020). It encompassed elements such as currency re-denomination, the adoption of an inflation-targeting framework, allocation of some Federation Account funds in US Dollars, and current account liberalization. It’s evident that this 2007 announcement has been misrepresented as a recent policy decision under President Tinubu in order to deceive the public.
In light of these findings, The Explainer fact checkers can conclude that the claim of a new naira note policy to be introduced puportedly by the CBN under President Tinubu’s directive is false and misleading. The public is adviced to disregard it!