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

Published

3 years ago

February 16, 2023

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.

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.

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FG Summons S. African Envoy Over Rising Xenophobic Attacks On Nigerians

Published

2 days ago

May 3, 2026

Editor

The Federal Government has summoned the Acting High Commissioner of South Africa in Abuja over renewed concerns about xenophobic attacks and protests targeting foreign nationals, including Nigerians, living in that country.

The Ministry of Foreign Affairs said the envoy is expected at its headquarters on Monday, May 4, 2026, for a high-level engagement aimed at addressing the growing tension and safeguarding bilateral relations between both countries.

In a statement issued on Sunday, the spokesperson for the Ministry, Kimiebi Ebienfa, said Nigeria would formally express its “profound concern” over recent developments in South Africa, particularly reports of harassment, violence, and destruction of property belonging to foreign nationals.

According to the ministry, the meeting will focus on ongoing demonstrations by various groups in South Africa and documented cases of attacks on Nigerians and their businesses in parts of the country.

“The objective of this engagement is to formally convey the Nigerian Government’s profound concern regarding recent events that have the potential to impact the established cordial relations between Nigeria and South Africa,” the statement read.

It added that discussions would also address ongoing demonstrations by various groups within South Africa and documented instances of mistreatment of Nigerian citizens and attacks on their businesses.

The ministry acknowledged growing anger among Nigerians over reports of xenophobic violence but urged restraint, stressing that diplomatic engagement remained the preferred channel for resolution.

It assured Nigerians that the Federal Government was actively engaging South African authorities to ensure the protection of its citizens abroad.

“The Ministry is aware of the growing discontent among Nigerians concerning the treatment of their nationals in South Africa. Nevertheless, it implores the Nigerian public to remain calm and reiterates the Federal Government’s commitment to protecting the rights and well-being of Nigerian citizens residing in South Africa,” the statement added.

The latest diplomatic move comes amid renewed reports of xenophobic tensions in parts of South Africa, where foreign-owned businesses have occasionally been targeted during protests linked to unemployment and economic hardship.

South Africa has a history of xenophobic violence dating back to 2008, with subsequent flare-ups in 2015 and 2019, when mobs attacked migrants, looted shops, and displaced thousands of foreign nationals across several provinces.

In past incidents, Nigerians and other African nationals were among those affected, prompting strong diplomatic reactions from Abuja and calls for stronger protection of foreign communities.

While South African authorities have repeatedly condemned such attacks and deployed security forces to restore order during outbreaks of violence, concerns have persisted over recurring hostility in some communities.

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Mississippi Man ‘Kills Mother, Flushes Her Remains Down Toilet’

Published

3 days ago

May 2, 2026

Editor

A 29-year-old Mississippi man, Zachary Lavel Jackson Jr., has been charged with multiple offences, including first-degree murder, over the death of his mother, Lana Brown Bradley, after deputies responded to her Natchez home on April 4 following a missing person report from relatives.

The Adams County Sheriff’s Office said deputies were called to Bradley’s residence after her oldest son was unable to reach her the previous day.

Jackson was initially identified as a family member before investigators confirmed he was her son.

Sheriff Travis Patten described the case as deeply disturbing.“This is by far the most heinous crime that I’ve ever witnessed in my entire life. We weren’t out there that day; this was one of those things when we walked up.

“This was one of those cases that you will never, ever forget in your life. This is the type of case that follows you home,” Patten told WJTV.

According to the sheriff, deputies noticed signs of a recent cleanup when they arrived at the home.

“As soon as they walked in the house, they could just see where somebody had been cleaning up, and they could smell chemicals all throughout the house.

“Floor was extremely slippery. And the older son said that this is just unusual for the youngest son to be cleaning up the house like that,” Patten explained.

Jackson, the youngest son, was found in a bathroom, where deputies allegedly made a discovery that became central to the investigation.

“I can say what was in the toilet, and it was her flesh. He chopped her up in pieces and dismembered her in a way that whoever came looking for her would have to do their due diligence to find her, and that’s just what we did,” the sheriff said.

Authorities said Jackson allegedly placed parts of his mother’s body in a suitcase and attempted to dispose of other remains.

Jackson faces charges of first-degree murder, second-degree murder, mayhem and tampering with evidence.

Headline

Iran Says War With US May Resume As Trump Rejects Proposal

Published

3 days ago

May 2, 2026

Editor

Iran’s military has warned that the war with the United States and Israel could resume, declaring that it is fully prepared for any renewed confrontation as tensions between the sides continue to deepen.

In a statement reported by Iranian state-affiliated media, senior military officials said a return to hostilities is “likely”, citing what they described as Washington’s lack of commitment to previous agreements and negotiations.

The warning comes after US President Donald Trump expressed dissatisfaction with Iran’s latest peace proposal, saying the terms presented by Tehran included demands he “can’t agree to”.

According to officials in Tehran, Iran believes it showed flexibility during earlier negotiations, including talks held in Islamabad and during the ceasefire period. However, authorities argue that the United States has instead taken a tougher stance, widening the gap between both sides.

Iranian officials insist that key issues such as sanctions relief and the status of the Strait of Hormuz must be resolved before any broader agreement, including discussions around its nuclear programme, can progress. They also reject what they describe as US demands amounting to “surrender”.

The growing diplomatic deadlock has raised fears that another round of fighting may be imminent, with Iranian authorities indicating that preparations are already underway.

Meanwhile, the prolonged conflict continues to have far-reaching consequences within Iran. Internet monitoring group NetBlocks reports that the country has entered its 64th day of near-total internet disruption, effectively isolating it from global online networks.

The shutdown, which began after renewed anti-government protests earlier in the year and intensified following the outbreak of the war, has significantly disrupted businesses and livelihoods across the country.

Beyond Iran, the conflict is also reshaping global dynamics. Rising oil prices linked to the war have placed pressure on international markets, while geopolitical tensions have strained alliances, including between the United States and European partners.

As both sides remain far apart on key issues, analysts warn that without a breakthrough in negotiations, the fragile pause in fighting could collapse, paving the way for renewed military escalation in the region.