News
Is Nigeria’s Central Bank Planning to Scrap Old Naira Notes?
A viral video circulating on TikTok has sparked widespread concern. The video claims that the Central Bank of Nigeria (CBN) plans to phase out old naira notes, rendering them invalid as legal tender by December 31, 2024. According to the video, Nigerians must exchange their old naira notes for new ones before the alleged deadline or risk losing their value.
This alarming claim has raised questions: Is this true?
The Investigation:
To clarify the matter, we turned to official sources, and here’s what we found:
On Friday, December 13, the Central Bank of Nigeria (CBN) issued a statement debunking the rumor. Hakama Ali, the Acting Director of Corporate Communications, reiterated that both the old and redesigned naira notes of the N1,000, N500, and N200 denominations will remain legal tender indefinitely.
The CBN’s statement referenced a Supreme Court ruling delivered on November 29, 2023, which affirmed that all versions of the affected denominations can circulate concurrently without any deadline. This judgment overrides earlier speculations of a phase-out, putting the rumor to rest.
The Facts:
- CBN Statement: The CBN has categorically dismissed the claim of a December 31, 2024, deadline for phasing out old naira notes.
- Supreme Court Ruling: The ruling allows the continuous use of both old and redesigned naira notes, ensuring they remain legal tender indefinitely.
- Lack of Credible Evidence: No official announcements or credible reports have supported the viral claim.
The Verdict:
So, does the CBN plan to scrap old naira notes by December 31, 2024?
The answer is FALSE.The Central Bank of Nigeria has clarified that all versions of the N1,000, N500, and N200 naira notes will remain valid for transactions indefinitely. The Supreme Court ruling ensures that Nigerians can use either version without restrictions or deadlines.
A claim circulated online that Nigerians will pay ₦500 tax on every ₦10,000 spent on fuel from January 2026.
Verdict: MISLEADING.
Yes, a 5% fuel surcharge exists—but it is not a new tax.
The levy originates from the Nigeria Tax Administration Act, signed by President Tinubu on June 26, 2025. It mandates a 5% surcharge on petrol and diesel, collected at the point of sale. Cleaner fuels like LPG, kerosene, CNG, and renewables are exempt.
The Minister of Finance, Wale Edun, clarified that this is not a new tax. It reactivates provisions already contained in the FERMA Act of 2007, which introduced a fuel levy for road maintenance.
Importantly, there is no announced start date for the surcharge.
Conclusion: The claim that Nigerians will begin paying a new fuel tax in January 2026 is misleading. It is not a new tax, and no commencement date has been fixed.
A WhatsApp post, widely forwarded, claimed that the Senate passed a new Cybercrime Act in 2025, signed into law by Senate President Godswill Akpabio.
Verdict: FALSE.
The post warned Nigerians to “abide” by the so-called law, listing offences like unauthorised access to phones or accounts, punishable by up to five years in prison.
Fact-checks show the claim is fake. The Cybercrime (Prohibition, Prevention, etc.) Act of 2015 remains the operative law. The last amendment came in 2024. Though discussions about further review began in May 2025, no new law has been passed.
Also, the Nigerian Senate has been on recess since July 2025 and did not resume until September 23. No credible media outlet reported any new Act. Even if passed by the National Assembly, a bill still requires Presidential assent before becoming law.
Conclusion: The claim that the Senate passed a 2025 Cybercrime Act is false. No such law exists.
💥 Ep.104–WABMA Fake News Debunker:
Has the government introduced a new fuel tax starting January 2026?
