TDA viral social media post claims that Nigeria is set to replace the naira with a new currency following alleged approval by the Central Bank of Nigeria (CBN).
The claim is accompanied by a photograph of the CBN Governor and a headline reading: “CBN approves: Nigeria to replace naira with new currency.”
Claim
The post asserts that Nigeria will replace the naira with an entirely new currency as part of efforts to create a more stable monetary system.
Verdict
False.
There is no official announcement from the Central Bank of Nigeria (CBN) confirming any plan to replace the naira with a new national currency.
What the CBN Has Actually Announced
As of the time of this report:
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The CBN has not issued any statement indicating that the naira will be scrapped.
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There has been no policy document, press release, or monetary policy communication supporting the claim.
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The Nigerian government has not introduced any bill or constitutional amendment regarding a currency replacement.
While Nigeria has implemented monetary reforms in recent years — including naira redesigns and cash management policies — these measures do not equate to replacing the national currency.
Understanding Currency Redesign vs Currency Replacement
It is important to distinguish between:
Currency Redesign
This involves updating the physical appearance of banknotes (e.g., new security features or designs) while retaining the same currency name and legal status.
Nigeria underwent a banknote redesign process in 2022–2023, but the naira remained the official legal tender.
Currency Replacement
This would mean abolishing the naira and introducing an entirely new legal tender, which would require:
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Extensive legislative backing
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Constitutional and economic restructuring
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Transition mechanisms for banking, contracts, salaries, and international obligations
There is no evidence of such a process underway.
Origin of the Viral Claim
The image circulating online appears to use a photograph of the CBN Governor alongside foreign banknotes, possibly to suggest monetary reform. However:
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No credible Nigerian news outlet has reported any currency replacement plan.
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The post references “details in comments” without linking to verifiable sources.
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The headline format resembles clickbait commonly used to drive engagement.
Expert Perspective
Economists note that replacing a national currency is an extraordinary measure typically taken under extreme economic restructuring scenarios, such as hyperinflation or adoption of a new monetary union.
Nigeria continues to operate under the naira as its sole legal tender, with monetary policy guided by the CBN under existing legal frameworks.
Conclusion
The claim that Nigeria is replacing the naira with a new currency is misleading and unsupported by official evidence.
Citizens are advised to verify monetary policy information through official CBN communications and credible news sources before sharing unconfirmed reports.
At present, the naira remains Nigeria’s official currency.
