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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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Osun State Governorship Election: Preliminary Report on Digital Access, Political Parties’ Websites Availability, Data and Privacy Breach Using PAWSOM-Monitor

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Background

Last week, the Centre for Information Technology and Development (CITAD) launched an AI-based platform, PAWSON-Monitor, to pilot monitoring of digital rights, data and privacy breaches ahead of the Osun State gubernatorial election scheduled for Saturday, August 15, 2026. The platform was trained to track and document instances of digital rights violations and data and privacy breaches involving political actors and their digital presence – possible restrictions on contesting political parties’ websites, aspirants and their social media platforms, as well as potential misuse of citizens’ personal data for political campaigns. What CITAD aims to achieve with the monitoring platform is assessing whether equal opportunities and fair play are enjoyed by all the participating parties and aspirants as guaranteed by the democratic tenets before, during and after the Osun gubernatorial election. While this is serving as a pilot, CITAD plans to deploy the same platform to the 2027 general elections. This is the second report we are issuing based on the observations so far.

Updates for August 14, 2026

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In the last 24 hours, our observatory, the PAWSON-Monitor, has monitored fifteen (15) political parties participating in the Osun gubernatorial election holding tomorrow, Saturday, August 15, returning a total of 17,888 checks on the websites of the parties. Eleven parties have their sites operational from all the over seventeen thousand checks run between yesterday and today; therefore, we can conclude that within the period during which this update is given, we haven’t recorded any anomalies to warrant urgent action or signal a deliberate attempt to undermine the digital presence of the parties.

However, four political parties, namely, the Peoples Democratic Party (PDP), Allied Peoples Movement (APM), Peoples Redemption Party (PRP), and Action Peoples Party (APP), all have their websites operating with anomalies. Those of the Allied Peoples Movement (APM) and Peoples Redemption Party (PRP) continue to require particular attention, while the Young Progressives Party (YPP) recorded a relatively low 57.3% success rate during the monitoring period.

Based on the data scraped and analysed, action is required from the parties to rectify the anomalies to be able to operate optimally and take advantage of the digital presence, especially at a crucial moment like this. We have also noticed that two more political parties that were previously not among those flagged to be operating with anomalies, PDP and APP, have taken a space in the stagnant position, and this has raised the number of parties with red flags on their sites. We therefore urge all political parties and especially those whose websites are currently operating with anomalies to take immediate measures to look into the issues and rectify them.

CITAD will continue monitoring the digital environment and conducting human and cross-network verification of emerging anomalies to ensure that any genuine disruption of political parties’ digital platforms is identified, documented and appropriately reported.

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1.9m PVCs Collected for Osun Guber Poll, INEC Discloses

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By Yusuf Danjuma Yunusa

The Independent National Electoral Commission, INEC, says 1,906,390 registered voters in Osun have collected their Permanent Voter Cards, PVCs, ahead of Saturday’s governorship election in the state.

Mohammed Haruna, INEC National Commissioner and Chairman, Information and Voter Education, disclosed this in a statement on Thursday in Abuja.

Mr Haruna said the figure represented 81.50 per cent of the total 2,339,233 registered voters in the state.

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He said 432,843, representing 18.50 per cent of the total, had yet to collect their PVCs.

According to him, the uncollected PVCs have been safely deposited with the Central Bank of Nigeria, CBN, in line with INEC’s established practice.

“Persons whose PVCs were damaged, defaced or lost applied for replacement of cards,” he said.

Mr Haruna disclosed that 6,101 voters had applied for and obtained printed downloadable copies of their PVCs.

He said the commission had published on its website the number of PVCs collected in each polling unit.

The national commissioner reassured political parties, civil society organisations, the media and voters of INEC’s readiness to conduct credible and transparent election on Saturday.

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2027: Atiku Approaches Court, Seeks Tinubu’s Disqualification over Names, Certificate Controversy

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By Yusuf Danjuma Yunusa

Presidential candidate of the African Democratic Congress ADC)l, Atiku Abubakar, on Friday personally appeared at the Registry of the Federal High Court, Abuja, where he deposed to an affidavit in support of a suit challenging the qualification of President Bola Ahmed Tinubu to contest the 2027 presidential election.

This is contained in a statement issued by the Senior Special Assistant on Public Communication to Atiku Abubakar, Phrank Shaibu.

According to the statement, the action, instituted by Atiku and the ADC against Tinubu, the All Progressives Congress APC and the Independent National Electoral Commission INEC, invokes, among other provisions, Sections 137(1)(j), 139(1)(a)(i) and 285(14)(c) of the 1999 Constitution (as amended), as well as provisions of the Electoral Act, 2026.

The statement explained that at the heart of the action is Section 137(1)(j) of the Constitution, which provides that a person shall not be qualified for election to the office of President if he has presented a forged certificate to INEC, noting that the suit specifically asks the court to determine whether Tinubu and the APC should be disqualified from the 2027 presidential election over the plaintiffs’ allegation that Tinubu presented a forged NYSC certificate to INEC in connection with the 2023 and 2027 presidential elections.

Speaking after personally taking the oath, Atiku said his presence at the court registry was deliberate.

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“I came here personally because the issues before the court go to the heart of our Constitution and the integrity of the office of President. I cannot ask Nigerians to respect the Constitution while treating a matter of this magnitude casually. I have therefore put my name, my signature and my oath behind the facts we are presenting to the court. Now it is President Tinubu’s turn to answer them,” Shabby quoted him as saying.

In his affidavit, Atiku alleged that Tinubu submitted to INEC an NYSC discharge certificate bearing the name “Tinubu Bola Adekunle”, which, according to the plaintiffs, is different from the President’s name, Bola Ahmed Tinubu. The affidavit further alleges that the same NYSC certificate was submitted in connection with the 2027 presidential election and contends that the document is not a certificate obtained by Tinubu.

The statement disclosed that Atiku has also placed INEC on notice to produce Tinubu’s Form CF001 submitted in connection with the 2023 and 2027 presidential elections, stating that he had applied for certified true copies of the relevant form before filing the suit but had received no response at the time the processes were prepared.

“This is precisely why we have gone to court. We are not asking Nigerians to decide this matter on social media, and we are not asking INEC to become a court. We are asking the institution holding the records to produce them and the judiciary to examine the evidence and pronounce on it.

“If the certificate belongs to Bola Ahmed Tinubu, let that be established before the court. If ‘Tinubu Bola Adekunle’ and ‘Bola Ahmed Tinubu’ are one and the same person for the purpose of that certificate, let the evidence establish it. These are questions that deserve answers, not political insults or presidential silence,” he added.

Beyond the certificate matter, the statement noted that Atiku and the ADC are also challenging provisions of the Electoral Act, 2026, which, according to their written address, effectively restrict who may challenge the qualification of a candidate at pre-election stage and the removal of qualification as a ground for questioning an election as envisaged by Section 139(a)(i) of the Constitution, which empowers the National Assembly to make laws allowing the questioning of whether a person elected into the office of President is qualified.

Their argument, the statement said, is that legislation cannot be used to shut the door against enforcement of an express constitutional provision, contending that where an Act of the National Assembly conflicts with the Constitution, the Constitution must prevail.

“This case therefore raises a fundamental question for our democracy. Can an Act of the National Assembly be used as a shield against an express provision of the Constitution? Can we write into ordinary legislation an escape route from a constitutional standard applicable to everyone seeking the Presidency? Our position is that the Constitution remains supreme,” Atiku said.

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