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

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.”

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to Section 18(d) of the CBN Act 2007, the CBN is authorized to arrange for the destruction of currency notes and coins withdrawn from circulation or otherwise found to be unfit for use.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