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Only Old 200 Naira Remains Legal Tender Till April-Buhari

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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

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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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Alleged Fake Presidential DG Insists Gbaja Was Aware of His Appointment

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By Yusuf Danjuma Yunusa

Prince Adeniyi Adeyemi, who allegedly paraded himself as the Director-General of the non-existent Presidential Foreign Intervention Promotion Council and Presidential Economic Advisory Council, Thursday, denied any wrongdoing, insisting that Chief of Staff to the President, Mr Femi Gbajabiamila, was aware of his appointment. ExecutiveBranch

Adeyemi, who is facing allegations of impersonation and related offences, said the matter was already before a court and expressed confidence that he would be vindicated.

He spoke on Politics Today, a Channels TV programme, through a telephone interview. Asked whether he was running away from the law, he said: “Not at all.” Politics

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Asked whether he was ready to face the law, he said: “Definitely, if I am wrong, let the court of law do that; if I am right, let the court of law do the right thing. Do you know what? Since the matter is in the court, let the court of competent jurisdiction vindicate me because I am ready to clear my name. Let the court take its course. Since my lawyers are involved, everybody will follow us, they will monitor the whole thing. Let the court of competent jurisdiction do the needful. I have a letter of appointment. However, since the matter is in the court, I won’t be able to say much about it, I am on medication. I am a bit down, I am sick.”

Asked whether he is a criminal, he said: “No, I am not a criminal. However, the court will do justice to that.”

On whether Gbajabiamila has knowledge about his appointment, he said: “Yes.”

On whether he got the confirmation of appointment through Gbajabiamila’s office, he said: “Yes, let the court vindicate all those things.”

On his message to Nigerians regarding the issue, he said: “I want Nigerians to know that, for one second, let us assume the agency does not exist, would I have the temerity, the audacity, to be going all over the country, meeting the head of ministry, department and agency, if I know that the agency does not exist, or as they allege me that I cooked up everything? No Nigerian can dare do that. I could not have summoned the courage to be going from one place to another for almost three years. Nigeria is not a banana republic.”

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Why Are We Still Paying War Prices? Nigerians Demand Fuel Price Cut as Global Oil Fall

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Fuel Pump

 

By Yusuf Danjuma Yunusa

The war drums have fallen silent in the Middle East. The Strait of Hormuz is once again open for business, and global crude oil prices have crashed back to earth, settling at $71 per barrel even lower than the pre-war price of $75.

But on the bustling streets of Nigeria, a different kind of tension is simmering. For millions of Nigerians, especially commercial drivers and commuters, the economic ceasefire has yet to arrive. While the global price of crude the primary component of petrol has dropped by over 90% from its wartime peak, the price at Nigerian pumps remains stubbornly high.

Petrol, which sold for an average of ₦750 before the war, shot up to as much as ₦1,500 during the crisis. Now, with the crisis over, it has only marginally dropped to hover between ₦1,250 and ₦1,350 per litre, leaving a bitter taste in the mouths of citizens who feel they are being punished for a conflict they had no part in.

Our reporter went to the streets of Mararaba and Abuja to speak with the men and women on the frontlines of this daily struggle the Okada riders and the motorists to ask the question on everyone’s lips: “How much have you bought fuel recently, and what price do you really want the government to reduce it to?”

At a busy bus stop in Mararaba-Karu axis, we met three Okada riders who spoke with a palpable sense of exhaustion.

Nura wiped the sweat from his brow as he recounted his daily expenses.

“Just this morning, I bought fuel for ₦1,300 per litre at a NNPC station. At the filling station by the junction, they are selling for ₦1,450,” he said, shaking his head in disbelief. “Do you know how many trips I have to make to pay for that? Before this madness, I was buying at ₦780. With ₦5,000, I could move my family and still have change. Now? ₦5,000 doesn’t even fill the tank of my motorcycle.”

When asked what price he wants the government to reduce it to, Emeka didn’t hesitate.

“We are not robots. We have families. The government should reduce it to ₦700 per litre. That is where it was. Why should we suffer for America and Israel’s fight? We didn’t ask them to fight. The war is over, so let the price come back to normal. We want ₦700 so we can eat again.”

Suleiman, an Okada rider operating in the Nyanya area of Abuja, echoed the sentiment, his voice laced with frustration as he parked his bike under a tree to escape the heat.

“I bought fuel yesterday for ₦1,400. The marketers say it’s because of ‘exchange rates’ and ‘transportation.’ But did the exchange rate crash during the war? No! When the war started and the price shot up, they said it was because of ‘global factors.’ Now the global factors are gone, but the price is still here. It doesn’t make sense to a simple man like me.”

Suleiman’s demand is precise and measured.

“I want the government to listen to us. I want them to reduce the price to ₦800 per litreI am not asking for the exact price from before, because I know things are hard. But ₦1,400 is a killer. I want ₦800. That is the only way I can survive. If they don’t, I will have to leave this job. It no longer pays.”

Isah Audu, a young rider who navigates through the traffic in the streets of Mararaba said he recently paid a staggering ₦1,500 at one NNPC filling station just to get a few litres to keep him going for the day.

“I wanted to cry, honestly. ₦1,500 and the tank wasn’t full. I had to borrow money from my friend to make up the rest. My passengers are complaining that I am increasing the fare, but what do they want me to do? Fly the bike?”

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For Isah, the price of fuel is a matter of survival.

“We are seeing the news. We see that oil is now $71 per barrel. It is lower than before the war! So why is our price still high? It is an insult to our intelligence. The government should reduce the pump price to ₦650 or ₦700. That is the true reflection of the market. If they don’t, they are telling us that our lives do not matter.”

While the Okada riders speak of survival, the motorists speak of managing a household on a burning budget. We spoke to two women whose cars have become a burden.

Isa bella said she has had to drastically cut down on her driving.

“I now buy fuel in ‘units.’ I went to the station yesterday and bought ₦10,000 worth of petrol. The meter read that it was at ₦1,250 per litre. I looked at the pump and almost drove away. But where would I go? I had to buy it because I needed to take my children to school and get to work. Before the war, that ₦10,000 would have almost filled my tank. Now, it’s just a pittance.”

Isa bella who represents the many middle-class women struggling to keep their homes running, made a passionate plea.

“I am begging this government to please look at the formula they are using. If crude oil is $71, what is the justification for ₦1,250? I want the government to reduce petrol to ₦750 per litre. That is a fair price. It allows us to budget. It allows us to survive. We can’t keep adjusting our lives while the government adjusts the price only upwards. When it goes down globally, it must come down here. It is only fair.”

On the other hand was Amara who said the high cost of fuel is draining her salary.

“I try to manage, but it is so hard. I filled my tank last week, and it cost me ₦48,000 at a rate of ₦1,300 per litre. I was horrified. I had to use my food money. I am a single lady trying to make it in Abuja, and this fuel price is setting me back. I spend more on fuel than on my rent at this point.”

For Amara, the price reduction isn’t just a request; it’s a necessity to support a generation that feels economically choked.

“I don’t understand the economics, but I know the principle is wrong. The price was low, it went high because of war, and the war is over. Simple mathematics. I want the government to reduce the pump price to ₦700 per litre. That is what I can afford. That is what will allow me to save money and have a life. ₦1,300 is a punishment, and we did nothing wrong.”

The voices of Nura, Suleiman, Isah, Isabella, and Amara represent the mood of a nation grappling with an economic contradiction.

While the government and oil marketers cite issues like the depreciating Naira and the cost of shipping as factors keeping prices high, the average Nigerian is unwilling to accept that logic.

Why Is The Situation Always Like This?

Speaking with an economist on why such situations continue to prevail in the commodity market, especially here in Nigeria, Mr. Olalekan explained that “crude prices retrace quickly, damaged or underutilized refining capacity, shipping disruption, higher insurance costs, and inventory replacement can continue affecting diesel, freight, petrochemicals, packaging, manufacturing costs, and ultimately consumer prices over the following months.”

He added that, “markets tend to price expectations immediately, but supply chains deliver reality later. Mr. Olalekan concluded by drawing a simple illustration where he argued that the fluctuating price saga of crude oil is due to uncertainty with which manufacturers see things from the ordinary person. “What if tomorrow the war starts again, what are these manufacturers going to do with the products that they had the price reduced because of a temporary announcement of affairs?”, he questioned. “Tomorrow, Trump or the Iranian Leaders may start another war, on the basis that one doesn’t abide by the laid down agreements.” So for the price to come down, it will take time. That’s the simple answer”, he said.

As the day ends, the lines at the few filling stations selling at slightly lower prices only grow longer. Okada riders like Emeka will make a few more trips, hoping to earn enough for tomorrow’s fuel. Motorists like Funke will do the mental arithmetic, trying to figure out how to stretch the petrol in her tank until her next paycheck.

But one question lingers in the hot, humid air: If the war is over, why is the hardship in Nigeria just beginning? For millions, the answer is simple: the global ceasefire came months ago, but the “government ceasefire” on high fuel prices is yet to be declared.

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BREAKING: Federal High Court Affirms Mark-led Leadership of ADC, Awards Fine Against Abejide

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By Yusuf Danjuma Yunusa

The Federal High Court in Abuja on Thursday affirmed Sen. David Mark-led leadership of the African Democratic Congress, ADC.

Justice Musa Liman, in a judgment, also dismissed the suit filed by Rep Leke Abejide challenging Mark and Rauf Aregbesola as national chairman and national secretary of the party for lacking in merit.

Justice Liman upheld the preliminary objections filed by ADC, Chief Ralph Nwosu, Messrs Mark and Aregbesola which challenged Mr Abejide’s suit.

The judge held that the court lacked the jurisdiction to dabble into the internal affairs of ADC, as the suit was non-justiciable.

He also held that Abejide lacked the legal right to have instituted the suit, having failed to show to the court that his rights had been violated in any way as a result of the emergence of Mark-led leadership.

He equally held that Abejide, who is a member of House of Representatives, failed to explore the party’s internal mechanism for dispute resolution.

Justice Liman also resolved the three issues in the substantive suit in favour of the defendants.

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On whether Mark, the former Senate president and Aregbesola, who was former Governor of Osun, emerged as leaders of the party in compliance with the enabling laws, the judge resolved this against Abejide, the plaintiff in the suit.

He held that the handing over of the leadership of the party by Nwosu to Mark did not violate the provisions of the party’s constitution.

The judge agreed that the disputed July 2, 2025 meeting of the party was a stakeholder meeting which preceded the party’s National Executive Council (NEC) meeting held on July 29, 2025, that produced Mark and Aregbesola as party’s leaders which was monitored by Independent National Electoral Commission (INEC).

Justice Liman, therefore, declared that the emergence of Mark and Aregbesola as leaders of ADC was valid and in accordance with the constitution, the Electoral Act, 2026 and party’s law.

The judge consequently awarded a fine of N2 million each in favour of all the defendants which shall be paid by Abejide.

He also awarded a N10 million fine against Abejide’s lawyer in compliance with the Electioral Act, 2026.

The News Agency of Nigeria (NAN) reports that Abejide had instituted the suit to stop Mark-led leadership of ADC.

In the originating summons, marked: FHC/ABJ/CS/1637/2025 filed on Feb. 15 by Idris, the lawmaker sued ADC, Ralph Nwosu, Mark, Aregbesola and INEC as 1st to 5th defendants respectively.

NAN reports that Nwosu was the former national chairman of ADC who stepped down for Mark, the ex-Senate president.

Abejide, among the eight reliefs, sought an order nullifying Nwosu’s handover or transfer of ADC’s leadership to Mark and Aregbesola as interim national chairman and intenm national secretary respectively on July 2, 2025, at Shehu Musa Yar’adua Centre, Abuja for being illegal, unlawful, null and void.

He sought an order of perpetual injunction restraining Mark and Aregbesola from parading themselves as leaders of the party “as thelr purported appointment, selection or election was unlawful, illegal, null and void.”

He also sought perpetual injunction, restraining INEC from recognising Mark and Aregbesola as ADC’s interim national chairman and interim national secretary “.

He alleged that their appointment, selection or election did not meet the requirements of Section 82 of the Electoral Act, 2022,” among other prayers.

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