• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Home Features Fact-Check: Did Nigerian Politicians Discarded Truckload of Old Naira Notes at Dumpsite?
  • Features

Fact-Check: Did Nigerian Politicians Discarded Truckload of Old Naira Notes at Dumpsite?

By
Prnigeria
-
May 21, 2024
Discarded old Naira Notes
Discarded old Naira Notes

Fact-Check: Did Nigerian Politicians Discarded Truckload of Old Naira Notes at Dumpsite? 

Claim: A viral video circulating online and on social media platforms, including YouTube and TikTok, alleges that Nigerian leaders/politicians recently discarded a truckload of shredded old 500 naira notes at a dumpsite. 

Full Text: The video has sparked widespread outrage and claims of corruption and wastefulness. However, the authenticity and context of the video have not been verified.

The text accompanying the one minute forty eight seconds reads in parts:

“Can you see how wicked our leaders are? The money they steal all gets spoiled. How do you think that the country leader doing this*Can you see how wicked our leaders are? The money they stole and kept at home all gets spoiled, can this kind of leader lead such a country to progress?”

In the video footage, everyone was just exclaiming in amazement! “More than 100 bags! Hey Jesus! Nigeria, we de cry for money, see money, na money you de on top so o! Another person said ” I dey hear say they catch those guys, and responded with a question, who catches them?…”

Verification: To verify the authenticity of the video, PRNigeria fact-check team conducted reverse image search and results revealed the viral video started trending on social media platforms recently even a similar video was circulated in 2023 with this caption, “This is not a waste of papers. These are monies being dumped here.”

Read Also:

  • 170 Foreigners Seek Application for Nigerian Citizenship
  • Badaru to Service Chiefs: Strengthen Unity, Deliver Results
  • Anambra Guber Poll: We’ll Deal Decisively With Trouble Makers — Ribadu Warns

Further investigation uncovered that the video footage was an old one in which it was alleged that the shredded old naira notes were dumped By CBN  On Mar 14, 2023.

In Nigeria, the authority responsible for shredding old banknotes is the Central Bank of Nigeria (CBN). According to Section 18(d) of the CBN Act 2007, the CBN is authorized to arrange for the destruction of currency notes and coins withdrawn from circulation or otherwise found to be unfit for use.

The CBN destroys unfit banknotes in a secure and environmentally sustainable manner, following strict guidelines. The process takes place in designated disposal centers across the country, and the CBN is exploring eco-friendly methods like recycling to reduce its carbon footprint. According to the report, the apex bank has even solicited proposals from accredited recycling companies to convert banknote waste into useful products, adhering to health, safety, and environmental standards. Therefore, shredded notes must be handled according to CBN guidelines and laws to ensure sustainability and compliance.

Recall that the discontinuation of the usage of the 500 Naira notes was part of a broader naira swap policy implemented during the tenure of the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. According to the information available, the policy was in effect between October 19, 2022, and March 5, 2023. During this period, there were significant changes to the currency, including the printing and introduction of new notes. 

Conclusion: Following findings by PRNigeria fact-check, the viral video claiming that unidentified individuals recently dumped a truckload of shredded old naira notes at a dumpsite is actually an old video. The video had been circulating previously, alleging that the Central Bank of Nigeria (CBN) had discarded old naira notes at a dumpsite.

PRNigeria therefore concludes that the recent claims of Nigerian leaders dumping old naira notes at a dumpsite is Misleading.

By PRNigeria 

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • CBN Act 2007
  • Central Bank of Nigeria
  • Nigerian Politicians
  • Old Naira Notes
Previous articleFact-check: Did President Traore Order 30% Salary Cut for Himself, Political office Holders in Burkina Faso?
Next articleNAF @60: Air Chief Parleys Media Heads to Boost NAF Performance 
Prnigeria
Prnigeria

RELATED ARTICLESMORE FROM AUTHOR

Minister of Interior Olubunmi Tunji-Ojo

170 Foreigners Seek Application for Nigerian Citizenship

The National Security Adviser Mallam Nuhu Ribadu

Anambra Guber Poll: We’ll Deal Decisively With Trouble Makers — Ribadu Warns

President Bola Ahmed Tinubu

JUST IN: Tinubu Writes Senate, Seeks Confirmation of Newly Appointed Service Chiefs

IGP Kayode Egbetokun Police Boss

Rethinking Policing in Lagos By Adebisi A. Oyeshakin

Barau Jibrin and the Search for a Constitution That Works By Ozumi Abdul

Troops of Nigerian Army after successfully foiling an ambush by Boko Haram/ISWAP Terrorists

Troops Neutralise 10 Terrorists, Recover Weapons in Borno

Military troops

After Katarko Clash, Troops Neutralize 10 Terrorists in Gamboru–Dikwa Operation

Christian Association of Nigeria CAN

Christian Genocide and the Dangers of Mischaracterisation By Femi Fani-Kayode

A Group of Terrorists/Bandits

On Kwara’s Silent Crisis By Aromaradu S. Salihu

Farmers

Beyond the Rain: Nigerian Farmers Reimagine Survival in a Climate of Change” By Shakirudeen Abdulazeez

Unlocking Nigeria’s Fiscal Future Through Tax Reform By Abdullateef M Awal

Nigerian Youths

Empowering Nigerian Youth in Building a Climate-Resilient Future By Mustapha Abdulganiyu

Recent Posts

  • A’Ibom Police Dismantle Illegal Firearms Factory, Arrest 2 Suspects
  • FG Moves to Empower Women in Climate Fight through Green Women Platform
  • 170 Foreigners Seek Application for Nigerian Citizenship
  • Badaru to Service Chiefs: Strengthen Unity, Deliver Results
  • Anambra Guber Poll: We’ll Deal Decisively With Trouble Makers — Ribadu Warns
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
A'Ibom Police Dismantle Illegal Firearms Factory, Arrest 2 SuspectsFG Moves to Empower Women in Climate Fight through Green Women Platform170 Foreigners Seek Application for Nigerian CitizenshipBadaru to Service Chiefs: Strengthen Unity, Deliver ResultsAnambra Guber Poll: We’ll Deal Decisively With Trouble Makers — Ribadu WarnsJUST IN: Tinubu Writes Senate, Seeks Confirmation of Newly Appointed Service ChiefsRethinking Policing in Lagos By Adebisi A. OyeshakinTroops Recover 70 Rustled Livestock in Katsina, Restore De-escalate Farmers-Herders Clash in SokotoPolice, Vigilantes Repel Armed Attack in Anambra, Neutralize OneNITDA Boss Pushes for Nigerian Rules on TikTok to Protect Local CultureTinubu Holds First Meeting with New Service Chiefs in Aso Rock NAF, S'Africa Deepen Air Force Collaboration to Enhance Regional SecurityHow Troops Eliminated 80 Bandits Along Kebbi–Zamfara Border - Kebbi Gov'tNnamdi Kanu Withdraws Defence Plan, Files No-Case Submission in Terrorism TrialBarau Jibrin and the Search for a Constitution That Works By Ozumi Abdul
X whatsapp