Connect with us

News

Only Old 200 Naira Remains Legal Tender Till April-Buhari

Published

on

 

NATIONAL BROADCAST BY HIS EXCELLENCY MUHAMMADU BUHARI, PRESIDENT, FEDERAL REPUBLIC OF NIGERIA ON THE CHALLENGES OF THE CURRENCY SWAP AND STATE OF THE NATION, ON 16th FEBRUARY, 2023

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

Advert

 

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.

News

Veteran Kano Broadcaster Lami Maccido Dies at 72

Published

on

 

A veteran Kano broadcaster who worked with the Kano State pioneer-owned television station, Lami Hafsat Maccido, has died at 72.

According to multiple sources, including veteran journalists, Hajiya Lami Hafsat Maccido died in the early hours of Wednesday.

She was among the pioneer casters of CTV 67, which is now ARTV, established by the first civilian Governor of Kano State, Late Alhaji Muhammad Abubakar Rimi.

Advert

Before Hajiya Lami Maccido retired from the state television station, she captivated her audience with eloquent news presentation and was a role model for young journalists.

Tributes have continued to pour in for the late veteran journalist from her senior and junior colleagues.

Former Chairman of the Nigeria Union of Journalists, Kano Council, Abbas Ibrahim, described Hajiya Lami Hafsat Maccido as a very humble journalist who corrected her juniors with humility.

 

Continue Reading

News

Tinubu Signs Electoral Act Amendment Bill Into Law Ahead of 2027 Polls

Published

on

 

By Yusuf Danjuma Yunusa

President Bola Tinubu on Wednesday gave his assent to the Electoral Act 2022 (Amendment) Bill, 2026, a move that comes just days after the Independent National Electoral Commission (INEC) unveiled the official timetable for the 2027 general elections.

The signing ceremony took place at the Council Chamber of the Presidential Villa, Abuja, shortly after 5:00 pm. The event was attended by key leaders of the National Assembly, who facilitated the bill’s speedy passage a day earlier.

The newly signed amendment has thrust the contentious issue of electronic transmission of election results back into the national spotlight. While the legislation signals a continued commitment to technological integration, the specifics of the amendment are expected to shape the operational framework for INEC in the upcoming electoral cycle.

Advert

Civil society organizations and opposition political parties have consistently advocated for the mandatory real-time transmission of results directly from polling units to INEC’s central viewing portal. They argue that such transparency is critical to safeguarding the electoral process, reducing human interference, and bolstering public confidence in election outcomes.

This demand follows the technical glitches experienced during the 2023 general elections, where the malfunction of INEC’s Result Viewing Portal (IReV) led to widespread allegations of manipulation and sparked protests.

While the ruling All Progressives Congress (APC) has expressed general support for deploying technology to enhance electoral integrity, the implementation strategy remains a point of contention. Some political stakeholders and technical experts are advocating for a cautious approach, citing significant disparities in network connectivity and telecommunications infrastructure across the country. They propose a phased or hybrid model that would allow for manual collation as a failover in areas where electronic systems are unreliable, ensuring that no voter is disenfranchised due to technical failures.

With the amendment now law, attention turns to the execution of the 2027 elections. According to the previously released INEC timetable, voters will head to the polls on Saturday, February 20, 2027, to elect the President and members of the National Assembly. This will be followed by the Governorship and State Houses of Assembly elections on Saturday, March 6, 2027.

Continue Reading

News

The Essence of Great Health During Ramadan—By Dr. Nelson Aluya

Published

on

 

Ramadan is far more than abstaining from food and drink. It is a sacred season of discipline, renewal, and elevation of the human spirit. For Muslims around the world, it is a month where the body, mind, and soul are aligned in purposeful worship. Observed as one of the Five Pillars of Islam, fasting during Ramadan nurtures taqwa (God-consciousness), strengthens self-control, cultivates gratitude, and deepens empathy for those in need.

As a physician serving patients from diverse racial, ethnic, and religious backgrounds for over two decades, I have spoken at numerous Pre—Ramadan Health Fairs and seminars for the last fifteen years, and have walked alongside many individuals seeking guidance on how to manage their health, take their medications and fast safely. I believe that Ramadan offers tremendous spiritual and even physiological benefits when approached with knowledge, preparation, and medical wisdom.

*The Divine Foundation of Fasting*
Ramadan occurs during the ninth month of the Islamic lunar calendar. Its obligation is rooted in the Qur’an:

“O you who believe! Fasting is prescribed for you as it was prescribed for those before you, that you may attain taqwa.”
— Surah Al-Baqarah (2:183)

The Qur’an further clarifies the period and purpose:

“The month of Ramadan in which was revealed the Qur’an, a guidance for mankind and clear proofs for the guidance and the criterion…”
— Surah Al-Baqarah (2:185)

Fasting extends from dawn (Fajr) until sunset (Maghrib) for 29–30 days, beginning with the sighting of the new moon. In 2026, Ramadan is expected to begin around February 18 or 19, depending on lunar observation.

The Qur’an also provides compassionate exemptions:

“…And whoever is ill or on a journey – then an equal number of other days…”
— Surah Al-Baqarah (2:185)

Islamic law exempts the ill, travelers, the elderly who cannot tolerate fasting, pregnant or breastfeeding women if fasting may cause harm, menstruating women, and children. This divine mercy underscores a foundational principle: preservation of health precedes ritual obligation when harm is likely.

*Ramadan: A Holistic Act of Worship*

The fast is not merely physical deprivation. It is moral and spiritual refinement.

The Prophet Muhammad (peace be upon him) said:

“Whoever does not give up false speech and evil actions, Allah is not in need of his leaving his food and drink.”
— (Sahih al-Bukhari)

Thus, Ramadan is:
– A purification of the soul
– A strengthening of discipline
– A cultivation of patience
– A renewal of gratitude
– A communal celebration through shared Iftar

*Preparing for Ramadan: A Physician’s Perspective*

Fasting without knowledge can be harmful. The body undergoes metabolic transitions during prolonged fasting:
– Glycogen( sugar)stores are depleted.
– Fat metabolism( breakdown) increases.
– Ketone bodies(chemical produced in place of sugar during fastin) are produced.
– Hormonal shifts occur (including insulin reduction and glucagon increase).
– Fluid balance ( Dehydration)changes in the absence of water

While many experience modest weight loss, others gain weight due to excessive caloric intake at Iftar.

Preparation must therefore be intentional.

*1.Know Your Health Status*

Before Ramadan, assess:
– Physical and mental health
– Level of daily activity
– Chronic medical conditions
– Nutritional needs
– Work demands
– Hydration capacity
– Medication schedules

*2. Schedule a Pre-Ramadan Medical Visit*

The “Visit — Your Doctor and You” is critical.

Advert

A pre-Ramadan consultation should include screening or review of may have developed along the way:
– Diabetes
– Hypertension
– Heart disease
– Chronic lung disease
– Kidney disease
– Autoimmune conditions
– Cancer
– Pregnancy

For those who insist on fasting despite chronic illness, coordinated medical supervision is essential.

The Qur’an emphasizes balance:

“…And do not throw yourselves into destruction with your own hands…”
— Surah Al-Baqarah (2:195)

Health preservation is not a lack of faith — it is an expression of wisdom.

*Suhoor and Iftar: Strategic Nutrition*

*Suhoor (Pre-Dawn Meal)*
The Prophet encouraged Suhoor:

“Take Suhoor, for in Suhoor there is blessing.”
— (Sahih al-Bukhari)

A balanced Suhoor should include:
– Complex carbohydrates (oats, whole grains)
– Lean protein (eggs, legumes, yogurt)
– Healthy fats (nuts, olive oil)
– Adequate hydration
– Limited salt to reduce thirst.

*Iftar (Breaking the Fast)*

Traditionally, the fast is broken with dates and water, following the practice of the Prophet. Dates provide:

– Natural sugars for quick glucose replenishment
– Fiber
– Potassium
– Antioxidants

However, moderation is key. Heavy fried foods, excessive sweets, and large portions often lead to:

– Weight gain
– Blood sugar spikes
– Gastric distress
– Sleep disruption

Ramadan should not become a festival of overconsumption. The Qur’an reminds:

“…Eat and drink, but do not be excessive. Indeed, He does not like the excessive.”
— Surah Al-A’raf (7:31)

*Medication Management During Ramadan*

Medication timing often requires adjustment:
– Once-daily medications may shift to Iftar.
– Twice-daily regimens may need restructuring.
– Insulin dosing requires individualized modification.
– Diuretics ( water pills)may increase dehydration risk.
– Certain medications cannot be safely delayed.

Never adjust medications independently. Collaborative planning between patient and physician is essential.

*Who Should Not Fast?*

The Qur’anic exemption in Surah 2:185 is both clear and compassionate.

Those advised not to fast include:
– Uncontrolled( Sugar) diabetics
– Advanced heart failure patients
– Severe chronic kidney disease
– Active cancer patients undergoing therapy
– Frail elderly individuals
– High-risk pregnancies

Faith is not measured by physical endurance but by sincerity and obedience. For some, abstaining from fasting is the true act of submission.

*Mental and Spiritual Health During Ramadan*

– Ramadan strengthens psychological resilience:
– Structured routine enhances discipline.
– Night prayers (Taraweeh) improve communal bonding.
– Increased charity fosters empathy.
– Qur’an recitation enhances reflection and calm.

Scientific literature( Books ) ,increasingly recognizes that mindful fasting, spiritual meditation, and communal connection improve emotional regulation and stress resilience.

*Community, Compassion, and Character*

Ramadan is a communal equalizer. Rich and poor experience hunger together. Shared Iftar meals strengthen bonds across socioeconomic lines.

The Qur’an emphasizes generosity:

“And they give food in spite of love for it to the needy, the orphan, and the captive…”
— Surah Al-Insan (76:8)

True health is not merely biological — it is relational, spiritual, and ethical.

*The Balance Between Faith and Medicine*

As a physician who has cared for thousands of patients across cultures and beliefs, I have learned that faith and medicine are not adversaries. They are allies.

Ramadan teaches restraint. Medicine teaches prudence. Together, they preserve life.

The essence of great health during Ramadan lies in:
– Spiritual awareness
– Medical wisdom
– Nutritional balance
– Disciplined moderation
– Compassion for oneself and others

When approached correctly, Ramadan becomes a month of metabolic recalibration, spiritual elevation, and communal unity.

*My Spiritual Reflection*

Ramadan is not a test of starvation — it is a training of the soul.

It refines character. It disciplines appetite. It strengthens gratitude. It elevates consciousness.

And when practiced with knowledge and preparation, it can nurture both spiritual vitality and physical well-being.

“…Allah intends for you ease and does not intend for you hardship…”
— Surah Al-Baqarah (2:185)

May this Ramadan be one of wisdom, balance, safety, and profound renewal amin.

— Dr. Nelson Aluya

Continue Reading

Trending