FACT CHECK: Has CBN Introduced 2,000 And 5,000 Notes?

A video has resurfaced on social media where a woman claiming that she works with a branch of a Nigerian bank alleged that a customer came to deposit 5,000 naira notes.

“This is what the money looks like five thousand naira notes. This is seventeen million,” the woman’s voice in the video added while showing the money. 

The video was captioned, “So now we have 5,000 and 2,000 naira notes… Na wao.”

A Twitter user corroborated the claim while the news has spread on TikTok

The new 5000 and 2000 Nigeria Naira notes. pic.twitter.com/7Jm5oHmclO

— Fairly Used Boyfriend? (@smartBoss__ng) October 27, 2022

 

The fact

It is not the first time such a video would make its way into the social media space. It was on show in October 2020 and displaced by a Dubawa investigation.

The platform contacted the Head of Corporate Communication of the CBN at the time, Isaac Okoroafor who replied that the claim was “utterly false.” 

Also recently, the CBN, through its Twitter handle, disregarded the claim, branding the video as false.

“Videos and pictures of purported circulation of N2,000:00 and N5,000:00 banknotes are false and fake.

"Members of the public are advised to disregard such falsehood and to report anyone found in possession of such banknotes to the law enforcement agencies", it said.

Why has a new video resurfaced?

Yesterday, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele revealed that the bank would redesign the country’s currency.

At the press briefing in Abuja, Emefiele said the new development would affect the highest denominations: 200, 500, and 1000 notes.

CBN head did not say that the body had introduced a new denomination of the Naira note.

But Emefiele did say that the new notes were necessary to control the money in circulation.

He disclosed that the new notes would be released for public use on December 15, 2022, while the old and new notes would circulate together until January 31, 2023, when the old notes would cease to be legal tender.

Conclusion

The video and social media posts making the rounds are handiworks of rumour mongers and fake news peddlers.

The federal government of Nigeria had never said that it would or have introduced new 2,000 and 5,000 naira notes.

Meanwhile, below are some of the reactions of Nigerians to the development:

Potential to record/track illicit funds as Banks would need to declare sums to NFIU, +ve.

Distribution of money to layer their sources, causing money laundering, -ve.

Possibility of increasing inflation rate as more money are now in circulation, a -ve.

Potential trouble....

— WM (@WaleMicaiah) October 27, 2022

 

Very interesting question.
How much will it cost us to print new notes?

The advantage of the new notes though, is the tracking of the money in circulation and curbing corruption and stashing of cash.
People will be forced to spend or save money in banks, thus reducing inflation

— Oluwatosin (@Theo_phylus) October 27, 2022

 

Lots to unpack on new naira note.

Its not a bad idea, it's has many good parts.

It's a very shrewd move by the CBN

— Kalu Aja (@FinPlanKaluAja1) October 26, 2022

 

Maybe when CBN redesign our currencies, we go fit dey call 30k salary “handsomely paid” cos the money fine ??

— ????? ? (@TheMahleek) October 26, 2022

 

This sudden Naira redesign and note-swap announcement by the CBN will do good wonders.

People will have to forfeit huge amounts of money that they’ve stored away in cash (majorly from corrupt process, intended for vote buying) or start doing giveaway.

— Man of Letters. (@Letter_to_Jack) October 27, 2022

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