FACT CHECK: Has CBN introduced N5,000, N2,000 notes as claimed in viral video?

A video showing N5,000 and N2,000 notes has been circulating online.

In the video, which was shared on Twitter on October 27, a lady shows bundles of N5,000 and N2,000 notes. 

I hope this is a joke . pic.twitter.com/p8GM6YS1pA

— Dr Penking™🇳🇬🇦🇺 (@drpenking) October 27, 2022

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The lady claimed the money was deposited by “a mad man”, at the branch of a bank where she worked.

“I hope this is a joke,” reads the caption of the video which gathered over 33k views, 1,028 likes and 367 retweets.

It has also been shared on Instagram and multiple accounts on Facebook, where many unsuspecting Nigerians expressed shock at the development. 

On October 26, Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), said the apex bank announced the redesign of some naira notes.

Emefiele said the new design, which includes N200, N500 and N1000 will be effective from mid-December 2022. 

The CBN governor noted that the naira redesign was due to the several challenges confronting currency management in the country with attendant and unintended consequences for the integrity of both the CBN and the country.

Verification

TheCable subjected the video to analysis on Invid, a video verification platform, to ascertain the validity of the video. A keyframe analysis of the video showed that it had been on  Facebook and YouTube since 2020. 

From observation, at one side of the supposed N5000 note was the picture of a man wearing a cap, and on the other, were pictures of three women placed side by side. 

A keyword search on Google showed that in August 2012, the CBN announced plans to introduce N5,000 notes.

Sanusi Lamido, the then-governor of the CBN, said the faces of three prominent Nigerian female activists to be used on the new note were Margaret Ekpo, a late politician and social mobiliser; Hajia Gambo Sawaba, a late politician and activist, and Funmilayo Kuti,  the late politician and women’s right activist.

Lamido explained that the introduction of the N5000 note will enhance the quality of banknotes, incorporate a more effective feature for the visually impaired, as well as reduce the cost of production, distribution and disposal of banknotes.

However, the development met with a lot of backlash and criticism. The Institute of Chartered Accountants of Nigeria (ICAN) was of the opinion that the introduction of the proposed N5000 note by the CBN might further lead to the devaluation of the naira.

The Nigerian government, despite its earlier approval, suspended the introduction of the N5000 to “enable the CBN do more enlightenment on the issue”.

Also, the CBN via its Twitter handle on May 31, 2020, urged Nigerians to disregard the fake pictures and videos which was in circulation at that time. 

“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 law enforcement agencies,” the CBN tweeted. 

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

— Central Bank of Nigeria (@cenbank) May 31, 2020

The old video is being shared on social media platforms in anticipation of the mid-December 2022 announced date for the release of the redesigned currency.

Meanwhile, the CBN only announced redesigning the N200, N500, and N1000, the apex bank never announced any plan to introduce the N2000 or N5000 notes.  

Verdict

The viral video claiming that the federal government is introducing N2,000 and N5,000 notes is false. The misleading video has been on the internet far back as 2020.