Is Nigeria Set To Replace Naira With New Currency?

On February 19, 2026, popular news platform Legit Nigeria made a post on Facebook (@Legitng) claiming that Nigeria is set to replace the naira with a new currency amid push for a more stable monetary system. The post has a graphic image of the Central Bank of Nigeria, CBN Governor Yemi Cardoso with the caption, “Nigeria is set to replace the naira with a new currency amid a push for a more stable monetary system.”

When this report was published, this claim had about 2,360 likes, comments and shares.

VERIFICATION

There have been long-standing regional discussions within West Africa about a proposed single regional currency called the Eco under ECOWAS. However, that initiative has not been implemented and Nigeria has not announced any immediate plan to abandon the naira in favour of a regional currency.

The country has recently implemented exchange rate reforms aimed at stabilising the foreign exchange market. These reforms relate to how the naira is valued and traded, not to replacing it.

There is no official statement from the Ministry of Finance or Central Bank of Nigeria, CBN confirming that Nigeria intends to replace the naira with a new currency.

CONCLUSION

The claim that Nigeria is set to replace the naira with a new currency is FALSE. The recent currency discussions and policy moves from the CBN and Nigeria’s Ministry of Finance are focused on strengthening the naira not replacing it.