FACT-CHECK: Viral Video of New Nigerian Currencies Is False. It Has Been in Circulation Since 2020

A video of new Nigerian currencies making rounds on social media has been fact-checked and declared fake as per Africa Check report.

Two days ago, Godwin Emefiele, the Governor, Central of Bank of Nigeria announced a facelift for some denominations including N200, N500 and N1,000.

Emefiele said the changes approved by Nigeria’s President, Muhammadu Buhari were aimed at curtailing the challenges of currency management which have negatively impacted the country’s monetary policy and security imperatives.

READ: FACT CHECK: Foreign ‘Pilot’ Supplying Arms To Bandits Was Not Arrested In Niger State, But Central African Republic

According to the apex bank’s boss, the new currencies would be unveiled on December 15, 2022, adding that the old ones would be recognised as legal tender until January,  next year. However, the currencies unveiled in the viral video are N2,000, and N5,000 respectively.


The viral video claimed that a man visited a bank in an unidentified part of Nigeria and deposited N17 million in N5,000 and N2,000 banknotes.

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A text at the bottom of the video reads: “So we now have 5000 and 2000 naira notes. Nawao.”

A woman’s voice could be heard saying: “This is how the money looks like — N5,000 notes. He said it is N17 million … he claims he is a madman. He said it is N18 million, but we’ve counted it. It is N17 million.”


The viral video is recycled content that has been in circulation for a long time now. In July 2021, Africa Checks ran a fact-check on the video which confirmed that the video was purported in January, 2020.

READ: After WikkiTimes’ Fact-check, Niger Police Debunks Arresting Foreigner Abetting Banditry

Also, CBN did not at any point in time, announce the introduction of new naira notes. Nigeria’s currency is presently available in three coin denominations – 50k, N1, and N2 – and eight banknote denominations: N5, N10, N20, N50, N100, N200, N500 and N1,000.


The viral video and pictures claiming the launch of the new banknotes are false.


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