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Only Old 200 Naira Remains Legal Tender Till April-Buhari

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3 years ago

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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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President Tinubu Graces Late President Buhari’s Book Launch

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38 minutes ago

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December 15, 2025

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By Yusuf Danjuma Yunusa

The family of the late president Buhari, on 15 December, 2025, launched a book entitled “From Soldier to Stateman: The Legacy of Muhammadu Buhari”

The event took place at the presidential villa with dignitaries in attendance include: President Bola Ahmed Tinubu, Aisha Buhari, the wife of the late president Buhari, Senator Oluremi Tinubu, the wife of the president, Dr. Charles Omole, the Author of the book, Adama Borrow, the president of Gambia, Sultan of Sokoto, Muhammad Sa’ad Abubakar, and many others.

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Speaking at the launch of the biography, Tinubu said Buhari’s legacy of integrity and modesty would continue to inspire Nigerians.

The president described the late president Buhari as a “leader of quiet strength and discipline.”

“President Muhammadu Buhari left behind a reputation for integrity, a spartan lifestyle, and the belief that public office is a trust and not a windfall,” Tinubu said.

He recounted his political journey with Buhari, decorating him as a consistent patriot whose honesty was acknowledged even by critics, adding that their political partnership taught the value of cooperation across differences.

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Prominent Kano Politician Ibrahim Little Sues Danagundi, Ibn Sina Over Hisbah Establishment

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3 hours ago

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December 15, 2025

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A chieftain and leader of the African Democratic Congress (ADC) in Kano State, Alhaji Ibrahim Ali Amin “Little,” has filed a legal action at the Kano State High Court challenging the establishment of an Independent Hisbah body in the state.

It will be recalled that Little had earlier written to the concerned parties, urging them to suspend the move in the interest of peace and stability in the state. A copy of the letter, addressed to former Governor Abdullahi Umar Ganduje, was also sent to the Governor of Kano State, Abba Kabir Yusuf; Baffa Babba Danagundi; Haruna Ibn Sina; and the Department of State Services (DSS).

According to his Executive Assistant and Media Aide, Adnan Mukhtar, Little decided to seek legal redress following what he described as the respondents’ persistence and insistence on proceeding with the establishment of the Independent Hisbah.

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“Dissatisfied with their recent actions and continued insistence on moving forward with the establishment process, Little approached the Kano State High Court to seek redress,” Mukhtar said.

Those listed as respondents in the suit include the Speaker of the Kano State House of Assembly, the Kano State House of Assembly, the Attorney General of Kano State, the Kano State Hisbah Board, Baffa Babba Danagundi, and Haruna Ibn Sina.

In an official statement posted on his Facebook page, Little said:

“I have today instructed my lawyers to file an action challenging the establishment of an Independent Hisbah in Kano State. This follows my recent letter to the parties concerned and their insistence on proceeding with the establishment of the Independent Hisbah.

 

“I believe this move is an attempt to disrupt our peaceful coexistence at a time when the state is facing security challenges.

 

“The peace of Kano State remains our utmost priority.

Kano Sabuwa, In sha Allahu.”

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Commissioning of Kano State Online Media Chapel Marks Historic Milestone in Journalism

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4 hours ago

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December 15, 2025

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By: Ahmad Muhammad Sani Gwarzo, ANIPR

The commissioning of the Kano State Online Media Chapel at the Nigeria Union of Journalists (NUJ) Kano State Council Secretariat marked a defining moment in the history of journalism practice in Kano State. The event reflects the continuous evolution of the media profession in response to digital transformation and modern communication realities.

The ceremony attracted prominent personalities from journalism and government circles, underscoring the importance of online media as a vital component of information dissemination, public enlightenment, and democratic engagement in contemporary society.

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NUJ National President’s Remarks
In his keynote address, the National President of the NUJ, Comrade Alhassan Yahaya Abdullahi, described the commissioning as a progressive step aligned with global best practices in journalism, where digital platforms now play a central role in shaping public opinion and narratives.

He emphasized that the Online Media Chapel was not established merely for recognition, but to instill discipline, professionalism, and ethical compliance among online journalists operating within Kano State and beyond.

“Journalism remains a noble profession that demands responsibility, truthfulness, and accountability, regardless of whether it is practiced through print, broadcast, or online platforms,” Abdullahi stated. He cautioned against the misuse of digital platforms for misinformation, character assassination, and unverified reports, warning that such practices pose serious threats to societal peace, national security, and the credibility of the profession.

The NUJ President charged members of the Online Media Chapel to see themselves as ambassadors of responsible journalism, committed to accuracy, balance, and fairness in all their reports. He assured that the national body would continue to provide guidance, support, and policy direction to ensure online journalists are fully integrated into the union’s professional framework.

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Kano State Government’s Position
Delivering his remarks, the Kano State Commissioner for Information and Internal Affairs, Comrade Ibrahim Abdullahi Waiya, described the commissioning as a timely intervention in the state’s information ecosystem.

He noted that the Kano State Government recognizes the influence of online media in shaping public perception and applauded the NUJ for organizing practitioners under a structured and accountable platform.

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The Commissioner reaffirmed the government’s commitment under the leadership of His Excellency, Alhaji Abba Kabir Yusuf, FNISE, to sustaining a healthy relationship with the media as partners in governance and development. He urged online journalists to use their platforms to promote peace, unity, and developmental initiatives, stressing that responsible reporting remains a key pillar for social stability and economic growth.

“Freedom of expression must go hand in hand with respect for the law, ethical standards, and cultural values,” Waiya emphasized, assuring the chapel of the ministry’s readiness to engage constructively with practitioners to ensure accurate dissemination of government policies and programs.

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NUJ Kano State Council’s Perspective
Earlier in his address, the Chairman of the NUJ Kano State Council, Comrade Sulaiman Abdullahi Dederi, welcomed guests and described the day as historic for the council and online media practitioners.

He explained that the decision to establish the Online Media Chapel was borne out of the need to accommodate the growing number of journalists operating on digital platforms within Kano State.

Comrade Dederi noted that the chapel would serve as a platform for capacity building, ethical regulation, and collective engagement, aimed at improving the welfare and professional competence of its members. He reiterated the council’s commitment to fostering unity among all chapels under the NUJ umbrella, emphasizing that journalism thrives best in an atmosphere of cooperation and mutual respect.

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Online Media Chapel’s Commitment
Speaking on behalf of online media practitioners, the Kano State Chairman of the Online Media Chapel, Comrade Abubakar Abdulkadir Dangambo, described the commissioning as a dream fulfilled and a turning point for online journalism in Kano State.

He expressed gratitude to the NUJ leadership at both state and national levels for formally recognizing online journalists as critical stakeholders in the media industry.

Comrade Dangambo pledged that members of the chapel would operate with professionalism, integrity, and a strong sense of responsibility to the public. He emphasized that the chapel would prioritize training, mentorship, and internal regulation to ensure members uphold the ethics of journalism at all times.

He further stressed the collective resolve of members to combat fake news, hate speech, and sensational reporting that could undermine social harmony, calling on online journalists to see the chapel as a platform for unity, self-discipline, and continuous learning in line with global journalism standards.

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Conclusion
The atmosphere of the event reflected shared optimism and commitment by all stakeholders toward strengthening journalism practice in the digital era. Participants expressed confidence that the Online Media Chapel would contribute positively to professional development, public trust, and credible information dissemination.

The establishment of the chapel was widely acknowledged as a proactive response to the challenges and opportunities presented by digital journalism. The commissioning ceremony concluded with a collective call for ethical journalism, unity among practitioners, and sustained engagement in advancing the role of the media in national development.

The Kano State Online Media Chapel now stands as a symbol of progress, professionalism, and adaptation, reflecting the enduring relevance of journalism in a rapidly changing digital world.

 

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