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Naira Notes Scarcity: Buhari Addresses Nigerians, Seeks Patience, Understanding [ FULL TEXT]

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President Muhammadu Buhari, on Thursday, approved the restoration of the old N200 notes as legal tender.

Buhari, who spoke on many issues, empathised with Nigerians on the difficulties they are experiencing as a result of the ongoing cash crunch – a fallout of the Naira redesign policy.

Buhari also said the policy became necessary to restore the statutory control of the Central Bank of Nigeria, CBN, over money in circulation.

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Full text of his speech:

My Dear Compatriots,

​I have found it necessary to address you today, on the state of the nation and to render account on the efforts of our administration to sustain and strengthen our economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors.

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2.​Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our economy and tightening of the loopholes associated with money laundering.

3.​Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.

4.​In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.

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5.​For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender.

READ ALSO: JUST IN: Deadline For N500, N1,000 Notes Stands – Buhari

6.​In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorized till 10th February, 2023 for the completion of the process. All these activities are being carried out within the ambit of the Constitution, the relevant law under the CBN Act 2007 and in line with global best practices.

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7.​Fellow citizens, while I seek your understanding and patience during this transient phase of implementation, I feel obliged to avail you a few critical points underpinning the policy decision. These include:

a. The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4trillion.

b. The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation;

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c. The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth;
d. Economic growth projections make it imperative for government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and

e. Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria

8.​Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative.

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9.​I have been reliably informed that since the commencement of this program, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved.

10.​This represents about 80% of such funds. In the short to medium and long terms, therefore, it is expected that there would be:

READ ALSO: Naira Scarcity: Sanwo-Olu Warns Lagosians Against Rejecting Old Notes

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a. A strengthening of our macro economic parameters;
b. Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices;
c. Lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation;
d. Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways;
e. Exchange Rate stability;
f. Availability of Easy Loans and lowering of interest rates; and
g. Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti- money laundering legislations.
11.​I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.

12.​To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.

13.​I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.

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14.​During the extended phase of the deadline for currency swap, I listened to invaluable pieces of advice from well meaning citizens and institutions across the nation.

15.​I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.

16. ​To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.

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17.​In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.

18.​Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.

19.​Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.

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20.​I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.

READ ALSO: [BREAKING] Naira, Fuel Shortage: Protests Rock Benin, 4 Feared Shot

21.​Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.

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22.​This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.

23.​I urge every citizen therefore, to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count.

24.​I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful General Elections.

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Thank you for listening. God bless the Federal Republic of Nigeria.

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UK Police Arrest Asylum Seeker Sex Offender Mistakenly Freed

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The UK police on Sunday arrested an Ethiopian asylum seeker and convicted sex offender, whose crimes had sparked anti-immigration protests, after he was accidentally released from prison in an embarrassing blunder by British authorities.

London’s Metropolitan Police said officers arrested Hadush Kebatu in the north of the capital on Sunday morning, nearly 48 hours after he was mistakenly freed around 30 miles (48 kilometres) away.

Kebatu, 38, had served the first month of a one-year sentence for sexually assaulting a teenage girl and a woman, but was reportedly due to be deported when the Prison Service error occurred on Friday.

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His high-profile case earlier this year in Epping, northeast of London, sparked demonstrations in various English towns and cities where asylum seekers were believed to be housed, as well as counter-protests.

READ ALSO:UK Police Hunt Asylum Seeker Mistakenly Freed For Sex Offence

Commander James Conway, who oversaw the manhunt for him, said “information from the public” led officers to the Finsbury Park neighbourhood of London, where he was found.

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He was detained by police but will be returned to the custody of the Prison Service,” he added.

Kebatu is now expected to be deported.

Prime Minister Keir Starmer said Friday he was “appalled” by the “totally unacceptable” mistake that saw him freed rather than sent to an immigration detention centre.

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The Telegraph newspaper said he was wrongly categorised for release on licence and handed a £76 ($101) discharge grant.

READ ALSO:Alleged Misappropriation: MFM Accuses UK Agency Of Discrimination

Police had appealed Saturday for Kebatu to turn himself in, after reports emerged that he had appeared confused and reluctant to leave the prison in Chelmsford, eastern England.

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A delivery driver described seeing Kebatu return several times in a “very confused” state, only to be turned away by staff and directed to the railway station.

The driver told Sky News he saw Kebatu outside the jail, asking, “Where am I going? What am I doing?”

He was starting to get upset, he was getting stressed,” the driver said.

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READ ALSO:UK Is A Home, Not Hotel, Kemi Badenoch Tells Immigrants, Starmer’s Govt

The father of Kebatu’s anonymous teenage victim told the broadcaster that “the justice system has let us down.”

Police arrested the asylum seeker in July after he repeatedly tried to kiss a 14-year-old girl and touch her legs, and made sexually explicit comments to her.

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He also sexually assaulted an adult woman, placing a hand on her thigh, when she intervened to stop his interactions with the girl.

He was staying at the time at Epping’s Bell Hotel, where scores of other asylum seekers have been accommodated, and which became the target of repeated protests.

AFP

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Madagascar Revokes Ousted President’s Nationality

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Madagascar’s new government has stripped ousted president Andry Rajoelina of his Malagasy nationality in a decree published Friday, 10 days after he was removed in a military takeover.

According to AFP, the decree means that Rajoelina, who was impeached on October 14 after fleeing the island nation in the wake of weeks of protests, would not be able to contest future election.

The decree published in the official gazette said Rajoelina’s Malagasy nationality was revoked because he had acquired French nationality in 2014, local media reported, as photographs of the document were shared online.

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READ ALSO:Madagascar’s President Denounces ‘Coup Attempt’ As Gen Z Protests Escalate

French broadcaster RFI said it had confirmed the decree with the entourage of the new prime minister, Herintsalama Rajaonarivelo, who signed the order.

The decree cited laws stipulating that a Malagasy who voluntarily acquires a foreign nationality loses their Malagasy nationality.

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Rajoelina’s French nationality caused a scandal when it was revealed ahead of the November 2023 elections, nearly 10 years after it was granted.

READ ALSO:Madagascar Passes Bill To Castrate Child R*pists

It triggered calls for him to be disqualified but he went on to win the contested polls, which were boycotted by opposition parties.

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The 51-year-old politician fled Madagascar after army Colonel Michael Randrianirina said on October 11 his CAPSAT unit would refuse orders to put down the youth-led protest movement, which security forces had attempted to suppress with violence.

Rajoelina said later he was in hiding for his safety, but did not say where.

Randrianirina was sworn in as president on October 14, pledging elections within two years.

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Kamala Harris Hints At Running For President Again

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Former US vice president Kamala Harris said in a British television interview previewed in Saturday that she may “possibly” run again to be president.

Harris, who replaced Joe Biden as the 2024 Democratic presidential candidate but lost to Donald Trump, told the BBC that she had not yet decided whether to make another White House bid.

But the 61-year-old insisted she was “not done” in American politics and that her young grandnieces would see a female president in the Oval Office “in their lifetime, for sure”.

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READ ALSO:FULL LIST: Trump, Kamala, Netanyahu, Others Shortlisted For 2024 Time’s Person Of The Year

“I have lived my entire career a life of service, and it’s in my bones, and there are many ways to serve.

“I’ve not decided yet what I will do in the future, beyond what I am doing right now,” Harris told the British broadcaster in an interview set to air in full on Sunday.

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The comments are the strongest hint yet that Harris could attempt to be the Democratic Party nominee for the 2028 election.

READ ALSO:Kamala Harris Secures Democratic Presidential Nomination

The interview follows the release of her memoir last month, in which she argued it had been “recklessness” to let Biden run for a second term as president.

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She also accused his White House team of failing to support her while she was his deputy, and at times of actively hindering her.

AFP

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