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Naira Notes Scarcity: Buhari Addresses Nigerians, Seeks Patience, Understanding [ FULL TEXT]
Published
2 years agoon
By
Editor
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.
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.
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:
READ ALSO: Naira Scarcity: Sanwo-Olu Warns Lagosians Against Rejecting Old Notes
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.
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.
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.
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The Imaratus Sanan Hotel on Shari Mansur Street in Makkah, which accommodates about 484 Nigerian pilgrims, was today gutted by fire while the pilgrims and others from around the world were at Mina performing their Hajj rites.
Nigerian pilgrims, like others globally, had departed Makkah for Mina — also known as Tent City — on Wednesday for the five-day Hajj observance. At the time of the fire, the pilgrims were on the second day of the stoning ritual at Jamarat.
The fire guts hotel in Makkah incident, according to a statement made available to Sunday Tribune by the Assistant Director, Information and Publication, National Hajj Commission of Nigeria (NAHCON), Fatima Sanda Usara, occurred around 12 noon Saudi Arabian time (10 a.m. Nigerian time) on Saturday, June 7, 2025.
Usara disclosed that the affected pilgrims were from six Nigerian private tour operator companies and confirmed that no lives were lost in the fire.
READ ALSO: qSaudi Uses AI, Drones And Thousands Of Cameras To Keep Hajj Pilgrims Safe
“The National Hajj Commission of Nigeria (NAHCON) regrets to inform the public of a fire incident that occurred earlier today, Saturday, 7th June 2025, around 12:00 noon (KSA time), at one of the hotels accommodating Nigerian pilgrims on Shari Mansur Street in Makkah,” she said.
“The affected hotel, Imaratus Sanan, was hosting about 484 pilgrims from six Nigerian private tour operator companies. Thankfully, no lives were lost, and all pilgrims are safely in Mina. Immediate emergency response by Saudi authorities and the hotel management helped to contain the fire swiftly and prevent it from spreading throughout the building,” she added.
NAHCON Chairman/CEO, Professor Abdullahi Saleh Usman, led a delegation to the site of the incident to assess the extent of the damage and ensure the welfare of the pilgrims.
“Following the incident, the Chairman/CEO of NAHCON, Professor Abdullahi Saleh Usman, alongside Commissioner for Policy, Personnel Management and Finance, Alhaji Aliu Abdulrazak, and Deputy Makkah Coordinator, Director Alidu Shutti, promptly visited the location to evaluate the situation and ensure that the welfare of the affected pilgrims is prioritized,” the statement read.
READ ALSO: Hajj 2024: Nigerian Pilgrim Allegedly Commits Suicide In Saudi Arabia, Another Dies From Illness
During the visit, Professor Usman expressed concern and ordered the immediate relocation of the affected pilgrims to a new hotel. He assured them that the commission would provide every possible support to cushion the impact of the incident.
“He thanked Almighty Allah that no life was lost in this unfortunate incident and promised that NAHCON would collaborate with the affected tour operators to ensure the smooth resettlement of the pilgrims,” Usara stated.
The Chairman and his team have since inspected the new accommodation, and arrangements for the pilgrims’ resettlement have been finalized.
She further noted that both Professor Usman and Commissioner Abdulrazak commended the prompt response of Saudi emergency services and the cooperation of the hotel staff in controlling the situation.
Reports reaching Sunday Tribune indicate that the fire guts hotel in Makkah caused considerable structural damage, but NAHCON has secured alternative accommodation where the pilgrims will be housed upon their return to Makkah on Sunday.
Headline
Elon Musk Deletes Post Claiming Trump Was ‘In The Epstein Files’
Published
7 hours agoon
June 7, 2025By
Editor
Elon Musk has deleted a controversial tweet in which he claimed—without offering evidence—that US President Donald Trump appeared in documents related to convicted sex offender Jeffrey Epstein.
The Tesla and SpaceX founder’s post, made on Thursday, alleged that Trump was named in the Epstein files. The accusation, unsubstantiated at the time, quickly ignited a political firestorm.
Responding to the claims in an interview with ABC News, Trump lashed out at the billionaire, saying Musk had “lost his mind.”
The clash marks a dramatic escalation in tensions between the two once-close allies.
READ ALSO: Trump Puts His Tesla Car Up For Sale As Feud With Elon Musk Escalates
It follows Musk’s suggestion of launching a new political faction in the United States, tentatively dubbed the “American Party.”
The idea was floated in a poll to his 220 million followers on X (formerly Twitter), where 80 per cent of respondents supported the proposal.
“This is fate,” Musk commented.
Musk’s shift comes as he fiercely criticised the president’s flagship economic proposal, which he labelled the “Big, Beautiful Bill.”
READ ALSO: Trump Orders Inquiry Into ‘Conspiracy’ To Hide Biden’s Health Decline
He warned the policy could explode the national debt by $2.4 trillion (£1.8 trillion), undermining his own reform work while leading the now-defunct Department of Government Efficiency (DOGE).
Musk has even called for Trump’s impeachment, suggesting he be replaced by Vice President JD Vance—a bold move just days after stepping down from DOGE.
Trump dismissed the criticism, claiming Musk’s opposition stemmed from cuts to electric vehicle incentives included in the bill.
He added that a full review of Musk’s substantial federal contracts, including $22 billion (£16.2 billion) in agreements with SpaceX, may now be necessary.
READ ALSO: ‘Disgusting Abomination’ – Elon Musk Blasts Federal Spending Under Trump
In a symbolic jab, sources say the president is considering selling a Tesla vehicle he previously purchased.
The public feud has already had financial consequences.
Tesla shares tumbled 14.3 per cent on Thursday, wiping out approximately $150 billion (£111 billion) in market value.
The high-profile rift continues to develop amid rising tensions in US politics and speculation about third-party movements ahead of the next presidential election.
(THE STANDARD)
Headline
US: Over 100 Dogs Rescued From Suspected ‘Puppy Mill’ In North Carolina
Published
7 hours agoon
June 7, 2025By
Editor
Over 100 dogs have been rescued from what appears to be a puppy mill operating out of a home in North Carolina, according to the SPCA of Wake County.
The shelter said the dogs were kept in “egregious conditions,” and many are now receiving treatment for severe health issues.
“Many of the dogs are being treated for skin and dental issues,” the SPCA reported in a social media post on Friday. They also described dogs with “matted dirty fur” coming off in “heaps.”
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“This is the biggest moment in these dogs’ lives, and we are feeling so grateful to be a part of their healing,” the shelter added.
The rescue operation took place on Thursday in coordination with Raleigh Animal Control.
“They were housed in egregious conditions, surrounded by their own waste, packed 5 or 6 to a cage and stacked floor to ceiling, or free roaming in cramped quarters and filth,” the SPCA stated.
Following their removal, the dogs were given immediate care and a much-needed break from the conditions they were trapped in.
READ ALSO: Nigerian Grandmother Sacked By UK Varsity Over Misplaced Bracelet
“They’ve been getting the spa day of their lives — and their first taste of fresh air, possibly ever,” the organization said.
Among the rescued animals were numerous mother dogs nursing their puppies.
Nineteen of the dogs are not currently in the shelter’s direct care, but assessments and treatment are ongoing.
To support the massive rescue and rehabilitation effort, Care First Animal Hospital has pledged to match donations up to $150,000 in veterinary services.
Photos shared by the SPCA on Facebook show the rescued dogs and puppies beginning their journey toward recovery, marking a hopeful turn after enduring horrific neglect.
(ABC News)
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