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 troubling image circulating online shows American YouTube star IShowSpeed wearing a Nigerian jersey. His face appears bruised. The caption is alarming. It claims he was attacked by road gang members in Nigeria while livestreaming along Ikoyi Road, Lagos.
It suggests that visiting Nigeria was unsafe. It paints a picture of chaos.
The post originates from an X account, @iamMrMarfo1. From there, it spreads.
But what really happened?
First, let’s examine the context.
IShowSpeed, whose real name is Darren Jason Watkins Jr., was recently in Lagos. He celebrated his 21st birthday. He surpassed 50 million YouTube subscribers. On December 29, 2025, he launched a 20 country African tour in 28 days. On January 21, he livestreamed from Balogun Market in Lagos Island. Crowds gathered. Security escorted him. The scene was intense but public.
Soon after, posts claimed he had been attacked.
The circulating images appeared to show facial injuries.
WHAT WE CHECKED
We examined the footage. According to reporting by Agence France Presse, the images were doctored. AFP traced the visuals back to specific timestamps in the original livestream. Moments at approximately 4:21:32 and 4:21:36 were manipulated to create the bruised effect.
AFP journalists who were physically present in Lagos during his visit reported that they did not witness any attack. They also heard nothing to suggest that an assault occurred. The altered images did not only appear in English. They spread in French, Arabic, Spanish, Hausa, and Zulu.
WHAT WE FOUND
It is important to note that IShowSpeed has faced disruptions during other international visits.
In Algeria, he was struck by thrown water bottles during a football match. In Norway in 2024, he experienced an incident outside a shop.
But those are separate events.
There is no credible evidence that he was attacked in Nigeria. No verified report. No confirmed injury. No authenticated footage. The viral image was manipulated.
Verdict: False.
When dramatic images circulate, especially those that inflame fear or damage reputations, verify before sharing.
Screenshots can be altered.
Livestreams can be edited.
Context matters.
This claim does not hold.
We fact-checked the viral claim that Ikeja Electric was named “Worst Company of the Year 2025” and that its executives received “Worst Business People” awards. Read the verdict.
A provocative message has been spreading rapidly across WhatsApp groups and other social media platforms in Nigeria. The claim is direct: Ikeja Electric was recognized as the Worst Company of the Year 2025.
The message goes further, alleging that the company’s Chief Executive Officer, Folake Soetan, and Board Chairman, Kola Adesina, received a specific award titled Worst Business People. The supposed presenter of this award was the Nigerian Global Business Forum.
We asked a simple question: Did this actually happen?
We conducted a thorough investigation to verify this claim:
- Searched for Official Announcements: We found no official press statement, event report, or award listing from the Nigerian Global Business Forum regarding a “Worst Company” award.
- Reputable News Platforms: Credible Nigerian and global media outlets that cover the power sector have no record of this award. If a major national distributor had been publicly named “worst company,” it would have been widely reported.
- Examined Context (Regulatory Action): While the Federal Competition and Consumer Protection Commission (FCCPC) did seal Ikeja Electric’s headquarters in December 2025 over compliance issues, regulatory enforcement is not the same as a global “worst company” award.
- Checked Previous Recognitions: In prior years, Ikeja Electric has received industry awards for performance and gender diversity, contradicting the claim of a consistent “worst” performance.
- Direct Company Response: Ikeja Electric has publicly denied the report and announced plans for a forensic investigation and possible legal action against those responsible for spreading the claim.
After examining all available evidence, one fact stands clear: There is no verifiable record that Ikeja Electric, its CEO, or its Chairman received any official “Worst Company of the Year 2025” or “Worst Business People” award.
This story circulating online is a headline without proof.
Our verdict is: Unverified. Until credible proof exists, this claim must be considered unverified misinformation.
When dramatic and provocative claims appear, especially those that damage reputations, it is crucial to pause and check. Look for official sources and independent confirmation. Absence of evidence does not prove innocence, but bold accusations require credible proof.
Was American YouTube star IShowSpeed injured in Nigeria?
FACT CHECK: Episode 114 Was Ikeja Electric Named “Worst Company of the Year 2025?
