Headline

New Naira: 10 Takeaways From Buhari’s Nationwide Address

Published

3 years ago

February 16, 2023

President Muhammadu Buhari on Thursday morning addressed the nation in a televised broadcast where he addressed the naira crisis plaguing the country.

In his address, the president apologised for the difficulties experienced across the nation in accessing the scarce new naira notes.

Here are 10 major takeaways from the president’s address

New naira has come to stay

The president has defended the naira redesign policy of the Central Bank of Nigeria. In his address, he said the policy became necessary noting that the proportion of currency outside banks grew from 78% in 2015 to 85% in 2022. He said as of October 2022, the 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.

Old N200 note will remain legal tender till April 10

The president, in an effort to cushion the effect of the new naira policy on the citizenry, approved the continued use of the old N200 as legal tender for the next 60 days. This means that till April 10, Nigerians will be able to trade with the old N200 banknote. However, it will also cease to be legal tender after its 60 days of grace elapses.

Old N500, N1000 notes no longer legal tender

On the contrary, the president had nothing much to say about the old N500 and N1000 bank notes, which indicates that they are no longer legal tender in the country, as he said the old N200 will circulate alongside the new N200, N500 and N1,000 notes.

He however added, “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.”

Buhari apologises for difficulties

Speaking on the difficulties Nigerians have experienced since the naira redesign, the president said he was deeply sorry for the hardship caused.

In his words, “I am deeply pained and sincerely sympathise with you all over these unintended outcomes. To stem this tide, I have directed the CBN to deploy all legitimate resources and legal needs to ensure that our citizens are adequately educated on the policy , enjoy easy access to cash withdrawal through availability of appropriate amounts of currency and availability of currency.”

Why naira was redesigned

In a bid to enlighten Nigerians on why the naira was redesigned, Buhari said, “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 firm control over the money in circulation.

b. The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022, thereby distorting the financial policy and efficient management of inflation;

c. The huge volume of banknotes 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

What new naira policy will achieve

The president highlighted the expected short, medium and long terms goals the policy is supposed to achieve as; a strengthening of our macroeconomic parameters; 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; lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation; Collapse of illegal economic activities which would help to stem corruption and acquisition of money through illegal ways; Exchange Rate stability; availability of Easy Loans and lowering of interest rates; and greater visibility and transparency of our financial actions translating to efficient enforcement of our anti-money laundering legislations.

Saboteurs of naira policy will face the law

Buhari said he has directed the CBN to 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.”

He added, “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 amounts of currency; and ability to make deposits.”

Buhari appeals for understanding

Insisting that the naira redesign policy is for the economic best of the nation, the president pleaded with Nigerians for understanding. he said, “I seek your understanding and patience during this transient phase of implementation,” adding that “I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.”

Next administration will benefit from naira redesign

On the fast-approaching general elections, the president said, “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. 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.”

Shun electoral violence

Buhari further urged every citizen to “go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count. I however admonish you to eschew violence and avoid actions capable of of disrupting the electoral processes. I wish us all a successful general election.”

Headline

Four Places In The World Without Traffic Lights

Published

8 hours ago

August 29, 2025

Editor

In a world where traffic lights are an essential part of road management, a few countries and regions stand out for functioning without them. These places rely on alternative systems ranging from police officers and roundabouts to cultural driving habits to manage traffic. Here’s a closer look at the nations and areas where traffic lights are absent.

Bhutan

Bhutan is famously known as the only country in the world that operates entirely without traffic lights. Even in its capital city, Thimphu, which has witnessed growing traffic due to urbanisation, automated signals have never been adopted. Instead, traffic management is handled by police officers who stand at major intersections, directing vehicles with hand signals.

In 1995, when a set of traffic lights was briefly installed in Thimphu, public complaints led to their swift removal, as locals felt the system clashed with the country’s traditions and culture of cooperation. Bhutan’s reliance on human-directed traffic reflects both its small population and strong sense of civic responsibility.

Vatican City

Vatican City, the world’s smallest sovereign nation, also operates without any traffic lights. With an area of just 44 hectares and a population of around 800 people, the city-state does not require traffic signals to regulate movement. Roads inside the Vatican are short and few, and traffic is mostly managed by signage and the Vatican’s own police force. However, just outside the Vatican’s walls, in Rome, traffic lights are abundant, highlighting the contrast between the bustling Italian capital and the tranquil governance of the Holy See.

Niue

In the South Pacific, Niue, one of the world’s smallest island nations, also has no traffic lights. With a population of less than 2,000 people and very limited vehicle traffic, there is little need for automated signals. Roads are quiet, and driving is relaxed, with motorists often waving to one another as they pass.

The absence of traffic lights in Niue is less a necessity than a reflection of the island’s lifestyle, where community trust and minimal congestion make formal traffic control unnecessary.

Tekesi County, China

A unique example of urban planning without traffic lights can be found in Tekesi County, Xinjiang, China. The county town was designed based on the ancient Bagua (Eight Trigrams) symbol from Taoist philosophy. Its distinctive circular and radiating street layout relies on roundabouts to direct vehicles.

In 1996, authorities cancelled the installation of traffic lights in order to preserve the Bagua system, making Tekesi a rare modern settlement that manages traffic without signals. The design has since become both a cultural attraction and a point of pride for residents, who see it as a symbol of harmony and balance.

Headline

Nigerian Student Wins ‘Top In World’ Cambridge IGCSE English Award

Published

8 hours ago

August 29, 2025

Editor

A Nigerian student, Kenechukwu Oluwanifemi Uba, has emerged the “Top in World” candidate in the November 2024 Cambridge IGCSE English as a Second Language (Speaking Endorsement).

Uba, a pupil of Caleb International College, Magodo, Lagos, received the Outstanding Cambridge Learners Award for her performance, which was recognised by Cambridge University Press & Assessment.

This was contained in a statement signed by the Spokesperson to the Proprietor and Founder, Caleb Group of Schools and University, Prof. Elvis Otobo, and made available to The PUNCH on Friday.

The certificate, signed by the Group Managing Director of International Education at Cambridge, Rod Smith, was presented during a ceremony organised by the British Council and Cambridge University Press & Assessment at the Civic Centre, Lagos.

Speaking on the achievement, the Proprietor/CEO of Caleb Group of Schools and University, Dr. Oladega Adebogun, said the recognition reflected the school’s values of integrity, perseverance and innovation.

“We are overjoyed by Kenechukwu’s outstanding performance.

“Her success embodies our core values of integrity, perseverance, and innovation. We invest heavily in cutting-edge teaching methods—from flipped classrooms to AI-driven language labs—so that every student can discover their potential and lead with confidence,” Adebogun said.

Uba expressed gratitude to her teachers, classmates and family, noting that preparing in the school’s language lab helped build her confidence.

“From the moment I joined Caleb, I felt inspired by teachers who challenged me to think deeply and by peers who encouraged me to persevere. Preparing for the speaking endorsement in our state-of-the-art lab sharpened my confidence. This recognition belongs to everyone—my mentors, my classmates, and my family,” she said.

Caleb International College described the award as proof of its commitment to raising globally competitive students through advanced learning facilities and strong character development programmes.

Headline

Iran Has Executed At Least 841 People This Year — UN

Published

9 hours ago

August 29, 2025

Editor

At least 841 people have been executed in Iran since the start of the year, the UN said Friday, decrying “a systematic pattern of using the death penalty as a tool of state intimidation”.

The United Nations’ human rights office said there had been a “major increase in executions” by Tehran during the first half of 2025.

“Iranian authorities have executed at least 841 people since the beginning of the year,” spokeswoman Ravina Shamdasani told reporters in Geneva.

“The real situation might be different,” she added. “It might be worse, given the lack of transparency.”

In July alone, she said, Iran had executed at least 110 individuals — twice the number of people executed in July 2024.

“The high number of executions indicates a systematic pattern of using the death penalty as a tool of state intimidation, with disproportionate targeting of ethnic minorities and migrants,” Shamdasani added.

She cited the executions of Afghan nationals, and of Baluch, Kurdish, and Arab citizens.

In the first six months of the year, at least 289 people were executed for drug-related offences.

Shamdasani said the pattern witnessed across multiple countries showed that when their governments perceive threats to their grip on public order, they become increasingly repressive and less tolerant of dissent.

– Hangings before children –

The spokeswoman in particular criticised the staging of public executions in Iran. The rights office documented seven such cases since the beginning of the year — some reportedly in front of children.

“Public executions add an extra layer of outrage upon human dignity… not only on the dignity of the people concerned — the people who are executed — but also on all those who have to bear witness,” she said.

“The psychological trauma of bearing witness to somebody being hanged in public, particularly for children, is unacceptable.”

The UN human rights office said there were serious concerns over due process in capital punishment cases.

“What we are particularly worried about is that a lot of these death sentences are imposed based on vague laws,” the spokeswoman said, such as charges of enmity against God.

Shamdasani said that 11 individuals were currently facing “imminent execution” in Iran, including six charged with “armed rebellion” due to alleged membership of the exiled opposition People’s Mujahedeen Organization of Iran (MEK).

The other five had been sentenced to death over their participation in large-scale protests in 2022, she said. Iran’s supreme court last week confirmed the death sentence against workers’ rights activist Sharifeh Mohammadi, she added.

The UN rights office was urging Iran’s government “not to implement the death penalty against these and other individuals on death row”, Shamdasani said.

“The death penalty is incompatible with the right to life and irreconcilable with human dignity,” she added.

“It creates an unacceptable risk of executing innocent people. It should never be imposed for conduct that is protected under international human rights law.”

UN human rights chief Volker Turk is calling on Tehran to impose a moratorium on the application of capital punishment, as a step towards abolition.
AFP