Fact-Check: Did US Restrict Acceptance of US Dollars Below 2021?

Fact-Check: Did US Restrict Acceptance of US Dollars Below 2021?

Claim: Days after Federal government of Nigeria announced the redesigning of Naira notes, a 227-word report attributed to Reuters waz widely circulated on social media claiming that the USA moved to checkmate dollar stockpile in Africa. It further stated that the American government ‘restricted Acceptance of US Dollars below 2021.’

On October 26, CBN Governor, Godwin Emefiele said the apex bank will issue redesigned N200, N500, and N1,000 notes, effective December 15, 2022, while the new and existing currencies will remain legal tender and circulate together until January.

Full-Text: Dubbed “Reuters Report,” the text which was massively forwarded to Whatsapp groups and contacts and equally shared by some social media influencers reads: “Sequel to the just concluded extraordinary meeting held in Washington DC on Nov. 2nd 2022 between the United States Federal Reserve Bank, Office of the Comptroller of Currency, IMF, World-Bank and Governors of Africa’s Central Banks, the United States Govt has set date for restriction on an acceptable legal tender note of US Dollar which will commence on Jan. 31st 2023.

“The restriction implies that any US Dollar note below 2021 printed date will no longer be accepted or be a legal tender anywhere in the world… This effort is to curb billions of illegal monies in dollar bills warehoused around the African continent emanating from drug-related, terrorism, kidnapping and money from corrupt politicians.

“As part of the enforcement of the strict action plan, African central banks will be assigned with a special agent from the Office of the Comptroller of Currency, Administrator of National bank United States of America to checkmate all inflows and outflows of dollar transactions.

“The report also has it that US president has also written to British Government and European Union to tow same line and redesign their currencies accordingly to frustrate those with ill-gotten money in US dollar, British Pound Sterling and Euros.

“Should this action be implemented come January 2023 as reported, Nigerian corrupt politicians will be worse hit.”

Verification: PRNigeria conducted a keyword search and results from the Heritage Times, Nairaland Forum, and the News Nigeria published that the USA will checkmate dollar stockpile in Africa.

However, PRNigeria observed that the source of the report was attributed to Reuters – one of the largest news agencies in the world established in London since 1851 by the German-born Paul Reuter. This fact-check, therefore, investigated the Reuters news website using associated key terms.

The only closely associated reports from the result is a July 2021 news items with the headline;  Dollar rises as U.S. data shows inflation running hot. 

Further information via USA.gov the official web portal of the United States federal government designed to improve the public’s interaction with the United States government by quickly directing website visitors to the services or information they are seeking the United States Currency section published that the country’s paper currency come in seven denominations which include: $1, $2, $5, $10, $20, $50, and $100.

It further stated that the United States no longer issues bills in larger denominations, such as $500, $1,000, $5,000, and $10,000 bills.

However, they remain legal tender and may still be in circulation. “All U.S. currency issued since 1861 is valid and redeemable at its full face value.”

It also said that paper currencies that are extremely damaged are redeemable and a special program for redeeming bent or partial coins has been introduced.

A similar investigation on the official website of the Federal Reserve, the central bank of the United States revealed no such information. 

Conclusion: Findings by PRNigeria reveal that neither Reuters no other credible media reported such news on the alleged US Restriction of Acceptance of US Dollars Below 2021

Similarly, the official web portal of the United States federal government and the Federal Reserve – the central bank of the United States did not make any announcement or publication about the claim. 

Therefore, reports that the USA is moving to checkmate dollar stockpile in Africa and restrict acceptance of US Dollars below 2021 are FALSE. 

By PRNigeria