Earlier today, there were reports published on some news websites (Not THE WHISTLER) that the United States has concluded plans to stop the acceptance of dollars printed before 2021.
The information containing the planned rejection was also shared among social media platforms such as WhatsApp, Facebook and other platforms.
THE CLAIMS:
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The report had claimed that following the conclusion of an extraordinary meeting held in Washington DC on November 2nd 2022 between the United States Federal Reserve Bank, Office of the Comptroller of Currency, International Monetary Fund, World-Bank and Governors of Africa’s Central Banks, the United States Government has set date for restriction on acceptable legal tender note of US Dollar which will commence on January 31 2023.
It claimed further that 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.
Those pushing the narrative claimed that this effort is to curb billions of illegal monies in dollar bills warehoused around African continent emanating from drug related, terrorism, kidnapping and money from corrupt politicians.
It stated further that 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 the US President, Joe Biden had also written to the British Government and European Union to follow same line and redesign their currencies accordingly to frustrate those with ill-gotten money in US dollar, British Pound Sterling and Euros.
It claimed that should this action be implemented from January 2023 as reported, Nigerian corrupt politicians will be worse hit.
Interestingly, the information is coming at a time when the Central Bank of Nigeria is implementing a currency redesigning project aimed at mopping up over N3.2trn cash that is outside the Nigerian banking system.
The CBN Governor, Mr Godwin Emefiele had late in October announced during an emergency meeting that it will redesign N200, N500 and N1,000 notes.
According to the lender, the new currencies will begin circulation December 15, 2022, while the existing notes will cease to be legal tenders by January 31, 2022.
The CBN had said N3.2trn currency are in circulation out of which 85 per cent is out of bank vault.
THE FACTS:
Expectedly, coming at a time when Nigeria is redesigning it’s currency, the information about the US plan to restrict the acceptance of dollars printed before 2021 will naturally gain traction.
However, unlike Nigeria’s currency which is the Naira, the US dollar is a global currency used in global trade and its acceptance cannot be easily stopped or restricted.
The dollar remains the world’s reserve currency today. Central banks hold around 59 per cent of their reserves in U.S. dollars, according to the International Monetary Fund (IMF).
Many of the reserves are in cash or U.S bonds, such as US Treasuries. Dollar-denominated debt outside the U.S. continues to rise, with levels reaching $13.4trn as of mid-2022.
The Federal Reserve Board currently issues $1, $2, $5, $10, $20, $50, and $100 notes.
According to information obtained from the website of US Currency Education Programme, the first $1 Federal Reserve note was issued in 1963, and its design—featuring President George Washington and the Great Seal of the United States—remains unchanged.
The current design $100 note is the latest denomination of US currency to be redesigned, and it was issued on October 8, 2013.
The current design of $100 note features additional security features including a 3-D Security Ribbon and color-shifting Bell in the Inkwell.
The $100 note also includes a portrait watermark of Benjamin Franklin that is visible from both sides of the note when held to light.
Each note includes security and design features unique to how the denomination is used in circulation.
The US government periodically redesigns Federal Reserve notes to make them easier to use, but more difficult to counterfeit.
It is US government policy that all designs of US currency remain legal tender, regardless of when they were issued. This policy includes all denominations of Federal Reserve notes, from 1914 to date
CONCLUSION:
Going by these facts, the reports being published in various platforms about the restrictions of the US dollar printed before 2021 is FALSE.
You do not have any authority to make such disclaimer. Reading through your profile revealed that you have no such authority and no source you derived your disclaimer from. What you presented was just your personal analysis and not from the appreciate authority who has power to issue same.
Good job USA government let’s see how African wicked leaders will be laundring our currency
Interested news
I am so happy with this developed. You people would have made it for December 31
Proper fake news. I have searched endlessly with search engine and at the official page of Reuters, the new is not there.
I noticed the wrong spelling of reuters in the original text, which is among other red flags.
I align with the view expressed in this write up.
All i see here is the desperation the Nigeria government to force people who have stashed money in warehouses to bring them out and be caught because they lacked the capacity to stop money laundering. It is a case of shouting fire where there is none This fake news peddling will not be far from the handy work of the CBN. Whereas they all know those stealing from the government yet did nothing about it. Nigeria and her CBN should solve their problems and leave the sane countries like the US out of it. They should stay clear from dragging great nations like America into muddy waters it’s a shame to Nigeria a failed and a shit hole country. Rubbish and nonsensical people.
Glory be to God
Wow that’s we the poor people of Nigeria are all happy about this I’m formation
Good morning l want to be reading your magazine
What ever it is false or true I like this news and iam so happy by mere reading of the news. Even if it’s dream or rumour I like it. I like to be hearing news of how corruption will be eradicated
even if it’s a fake news.
Ignorance of basic facts about the word economy and the role of the US Dollar is lacking in Nigeria and the persons who peddle in easily disproven facts. Why people believe that the US government will commit financial suicide is beyond me.
“Note that it is U.S. government policy that all designs of Federal Reserve notes remain legal tender, or legally valid for payments, regardless of when they were issued. This policy includes all denominations of Federal Reserve notes, from 1914 to present as per 31 U.S.C. § 5103.”
Simple search of the US Federal Reserve website could have put a stop to all the misinformation.
The US government should help us by redesign dollar. Thanks
What has been written here does not convince me that the US government has not worked out or is not working out how to preserve the global hegemony of the dollar and, hence, its economic, market and military hegemony.
First, the source of this denial is NOT recognised as a credible source. I mean that the refutation of the publication should come from the US Treasury or such authentic agency of the US government.
Second, the realignment by the East European and Asian governments, hoping African governments will join very soon, will crash US dollar in international finance and trade. The US government knows this and will want to thwart it.
The globalist engineering of war between to brothers in order to achieve George Kennan’s “Firm Containment of Russia”(1946) will CERTAINLY backfire on the US. It will firmly contain its dollar and, hence, economy and military power.
Let
This has been long overdue so that we see our evil and greed politicians where they will take their evil monies because they will be exposed to run to the Banks for exchanging that dirty 💰 unfortunately no will risk their job jobs for the sakes selfish people
How I wish it was true
B/s
This disclaimer sounds more fake than the information it is trying to refute. No empirical evidence to disprove the original information
To