Journalism of Courage

Fact Check: Video of N5,000, N2,000 banknotes is fake — CBN Official

When contacted, a reliable source from the apex bank, who pleaded anonymity, described the video as false and asked members of the public to disregard the fake news.

A recent trending video claiming the Central Bank of Nigeria (CBN) has introduced N5,000 and N2,000 banknotes in Nigeria is fake and should be disregarded, an official of the apex bank has said.

A video sighted by Persecondnews circulating on WhatsApp shows some bundles of new N2,000 and N5,000 banknotes with the name of the Central Bank of Nigeria (CBN) clearly printed on them.

The 34-second video was shared and  forwarded to several WhatsApp groups and posted on statuses of some users with the claim that they are new naira notes from the CBN.

When contacted, a reliable source from the apex bank, who pleaded anonymity, described the video as false and asked members of the public to disregard the fake news.

“CBN has not introduced any N5,000 or N2,000 banknotes, and has no plans to do so,” the official said.

Persecondnews had reported on Wednesday, October 26, that the CBN was set to redesign N200, N500, and N1000 notes and replace them with the existing denominations in circulation.

The CBN Governor, Mr Godwin Emefiele, who disclosed this during a special press briefing, said that the new notes will be released into circulation as from December 15, 2022.

He said the new and existing naira notes shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall seize to be legal tender.

According to Emefiele, the naira notes were redesigned following approval by the Federal Government.

He said in line with global best practices, central banks of the countries of the world are “to redesign, produce and circulate new local legal tender every 5 to 8 years, however the Naira has not been redesigned in the last 20 years.”

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