Original: Initially called "New Aklavik", it was renamed to Inuvik (meaning "Place of Man" in Inuvialuktun) in 1958 because of the confusion surrounding the Aklavik/New Aklavik split.
Simplified: At first, it was called "New Aklavik" but was renamed Inuvik in 1958 because there was confusion between the names of Aklavik and New Akalavik. Inuvik means "Place of Man" in Inuvialuktun, the local Inuit language.