Headline

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

Published

2 years ago

February 16, 2023

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.

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.

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.

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.

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.

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;

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.

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:

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.

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.

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.

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

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.

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.

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

Headline

Family Of Five Killed In Iranian Missile Strike After Fleeing Ukraine For Safety In Israel

Published

17 hours ago

June 28, 2025

Editor

A Ukrainian family of five who fled Russia’s war in search of safety were killed in Israel by an Iranian missile — the very conflict they thought they had escaped.

Mariia Pieshkurova had brought her 7-year-old daughter, Anastasiia, to Bat Yam, a suburb of Tel Aviv, hoping to get lifesaving cancer treatment and refuge from the violence at home.

Along with Anastasiia’s grandmother, Olena Sokolova, and two young cousins, Illia and Kostiantyn, they had started over — believing they were finally safe.

But on June 15, an Iranian missile tore through their apartment building during a retaliatory strike on Israel, killing them all.

“I really thought they’d be safe,” said Artem Buryk, Anastasiia’s father and Mariia’s former partner. “I never thought they’d go to Israel to escape war — and find it there.”

The missile attack, part of Iran’s response to Israeli airstrikes on its territory, collapsed much of the building in Bat Yam.

It took four days to recover Mariia’s body from the rubble.

Their deaths marked a heartbreaking intersection of two wars — Russia’s invasion of Ukraine and Iran’s conflict with Israel — both of which had already tested the family’s will to survive.

Mariia had moved to Israel in late 2022 after Anastasiia was diagnosed with leukemia.

Ukraine’s hospitals were overwhelmed, and its largest children’s hospital was later destroyed in a missile strike.

In Israel, treatment began immediately. It was effective but costly. Mariia turned to Instagram, sharing photos of her daughter in treatment and videos of Artem pleading for help while serving on Ukraine’s front lines.

“Masha did everything for her little girl,” said Anastasiia’s godmother, Khrytsyna Chanysheva. “She dedicated her life to her, moved to Israel to get her full treatment.”

Despite the pain, Anastasiia always smiled at visitors.

“She was in pain, and she would close her eyes for a second,” said charity worker Lada Fichkovsi. “But every time I walked into her room, she would smile.”

Her cousins joined the family in May 2024 as the situation in Odesa deteriorated.

“The shelling made my children cry,” said Hanna Pieshkurova, Mariia’s sister. “I decided to let them go.”

Though Israel was at war with Hamas, Mariia had assured her sister that Bat Yam was calm. Air raid sirens were rare, and the Iron Dome defense system offered hope.

“Ukrainians often say, ‘This is not Ukraine, it’s not as scary,’” said Inna Bakhareva of Chance4Life, a charity helping sick children in Israel. “They felt secure due to the Iron Dome.”

That sense of security evaporated after Israel struck Iranian targets on June 12. Iran retaliated with missile attacks across Israeli cities.

“Dad, at night I saw how the missiles were falling,” Anastasiia told her father in a voice message the night before she died.

She and her mother had been scheduled to visit the hospital the next morning. The missile struck before dawn.

Mr. Buryk, who had just returned from the front lines near Sumy, received the news that same day.

“I still don’t understand what’s happening,” he said. “I still can’t believe it.”

He used to promise Anastasiia they’d go fishing together when peace returned.

“Every time I talked to her, I’d say, ‘Sweetheart, we’ll go fishing. Just us,’” he said. “And now I just don’t understand. I still don’t even grasp that she’s gone.”

“Last night,” he added quietly, “I sent her voice messages.”

(New York Times)

Headline

Militia Attack On DRC IDP Camp, Kills 10, Mostly Women, Children

Published

1 day ago

June 27, 2025

Editor

An armed group at the centre of a long-running ethnic conflict in the Democratic Republic of Congo’s northeast attacked a camp for displaced people on Friday, killing 10, local sources told AFP.

Bordering Uganda, Ituri province has for years been the scene of pitched battles between the Lendu, a group mainly made up of settled farmers, and the Hema people, typically nomadic herders.

The fighting has led to the deaths of thousands of civilians and the mass displacement of many more.

Friday’s assault on the Djangi displaced persons camp was carried out by the self-proclaimed Cooperative for the Development of Congo (Codeco), a Lendu-aligned militia responsible for previous civilian massacres, the camp’s head told AFP.

“They were many and armed with firearms and machetes. They surprised us, they killed 10 displaced people, most of them women and children,” said Richard Likana.

An employee of the Red Cross, who asked to remain anonymous, confirmed the attack, which took place around 60 kilometres (37 miles) from Bunia.

“They were cut up with machetes while others were shot,” the humanitarian worker added.

Congolese army Colonel Ruffin Mapela, the local administrator for Djugu territory where the camp is located, gave the same toll of 10 dead and put the number of injured at 15.

According to local and humanitarian sources, Codeco was responsible for an attack on February 10 which killed 51 people in Ituri province. Most of the victims were also displaced persons.

That raid was said to be a response to a strike by the rival Hema-led Zaire militia in the same area.

Violence between the Hema and Lendu killed thousands in gold-rich Ituri from 1999-2003, which only ended after European forces intervened.

The conflict erupted again in 2017, killing thousands more.

The violence has led to more than 1.5 million people leaving their homes, according to the UN.

AFP

Headline

Israel Wants Global Action Against Iran’s Nuclear Plans

Published

1 day ago

June 27, 2025

Editor

Israel’s foreign minister said on Friday that the world was obliged to stop Iran from developing an atomic bomb, days after Israel claimed it had “thwarted Iran’s nuclear project” in a 12-day war.

“Israel acted at the last possible moment against an imminent threat to itself, the region, and the international community,” Gideon Saar wrote on X.

“The international community must now prevent, by any effective means, the world’s most extreme regime from obtaining the most dangerous weapon.”

Israel and Iran each claimed victory in the war that ended with a ceasefire on June 24.

The conflict erupted on June 13 when Israel launched a bombing campaign, stating it aimed to stop Iran from developing a nuclear weapon—an ambition Iran has consistently denied.

Following waves of Israeli attacks on nuclear and military sites, the United States bombed three key facilities, with President Donald Trump insisting it had set Iran’s nuclear programme back by “decades”.

Israeli Prime Minister Benjamin Netanyahu, in an address to the nation after the ceasefire, announced that “we have thwarted Iran’s nuclear project”.

However, there is no consensus as to how effective the strikes were.
On Friday, Iran rejected a request by UN nuclear watchdog chief Rafael Grossi to visit the bombed facilities, saying it suggested “malign intent”.

The comments from Iran’s Foreign Minister Abbas Araghchi came after parliament approved a bill suspending cooperation with the UN watchdog.

In a post on X following the move, Saar said Iran “continues to mislead the international community and actively works to prevent effective oversight of its nuclear programme”.