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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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Ebola: President Tinubu Releases N10bn for Emergency Preparedness

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By Yusuf Danjuma Yunusa

President Bola Tinubu has ordered the immediate release of N10 billion as emergency intervention funding to strengthen Nigeria’s preparedness against Ebola and other emerging public health threats.

Ebola has recently resurfaced in the Democratic Republic of Congo (DRC) and Uganda, both neighbouring countries.

Bayo Onanuga, special adviser to the president on information and strategy, said in a statement on Tuesday that Tinubu also approved the establishment of a presidential task force (PTF) on Ebola virus disease preparedness and emerging public health threats.

Onanuga said the fund will strengthen the operational preparedness of the National Centre for Disease Control and Prevention (NCDC) and support critical national public health emergency response activities.

The presidential spokesperson said the PTF on Ebola will be chaired by Femi Gbajabiamila, chief of staff to the president with membership drawn from relevant ministries, departments, and agencies (MDAs) and state representatives.

“The President’s approval followed a stakeholder meeting convened under the chairmanship of the Chief of Staff to review Nigeria’s preparedness and develop strategies against the possible importation of Ebola into Nigeria,” the statement reads.

“Other critical stakeholders at the meeting included representatives from the Ministry of Interior, the Federal Airports Authority of Nigeria (FAAN), the Nigeria Immigration Service (NIS), the Nigerian Civil Aviation Authority (NCAA), the Lagos state government, and others.”

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He said Tinubu also directed all states hosting international airports and international border corridors, as well as relevant MDAs, to submit their plans, funding requirements and intervention needs for consideration and coordinated implementation.

Onanuga said the task force is expected to intensify passenger screening at all international airports, including enhanced temperature checks and crowd-control protocols.

“The task force is also expected to enhance monitoring of passengers arriving through high-risk airline routes, notably Air Uganda, Rwanda Air, Air Tanzania, Air Angola, Kenya Airways, and Ethiopian Airlines; and immediately activate referral and isolation centres at Lagos and Abuja international airports, with other airports to follow,” he added.

“Others include mandatory activation of QR code-based pre-arrival health declaration systems for passengers originating from or transiting through designated high-risk countries, and disinfection of departure halls, cargoes, baggage areas, and airport facilities as precautionary environmental measures.

“The President mandated that the advisory group consult with security, diplomatic, and aviation bodies with a view to regulating flights from affected and designated high-risk countries.

“The task force is further directed to designate specific airports or terminals for high-risk flights to enable controlled screening and isolation procedures, and to consider adjusting flight timings to minimise interaction between high-risk passengers and others.”

On Sunday, the NCDC said Nigeria has not recorded any confirmed cases of Ebola, but the country is 59 percent prepared for any eventual outbreak of the virus.

On June 3, Tedros Ghebreyesus, director-general (DG) of the World Health Organisation (WHO), said DR Congo has recorded 344 confirmed cases, including 60 deaths, across 24 health zones in the Ituri, North Kivu, and South Kivu provinces.

He said Uganda has recorded one confirmed death and 15 cases linked to the outbreak, including a Congolese resident who travelled through the United Arab Emirates (UAE) before entering the country.

According to the WHO, the Ebola virus refers to a group of viruses in the Ebolavirus genus that cause Ebola disease, a severe and often fatal viral haemorrhagic fever.

Common symptoms include fever, fatigue, muscle pain, headache, sore throat, vomiting, diarrhoea, and, in some cases, internal and external bleeding.

Ebola is a zoonotic disease that can spread from animals to humans and is transmitted between people through direct contact with the blood, urine, saliva, sweat, and semen of infected persons, particularly when they are symptomatic or have died from the disease.

The first major global outbreak occurred between 2014 and 2016.

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IGP Orders Immediate Crackdown on Vehicles Without Number Plates

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By Yusuf Danjuma Yunusa

The Inspector-General of Police (IGP), Tunji Disu, has directed all Commissioners of Police (CPs) and tactical commanders to intensify enforcement operations against vehicles operating without proper number plates.

Disu issued the directive on Tuesday during a strategic conference with senior police officers in Abuja. He expressed concern over what he described as a “growing and disturbing trend” of individuals driving vehicles with missing, concealed, or defaced registration plates on Nigerian roads.

Describing the practice as “unlawful, irresponsible, and unacceptable,” the IGP warned that the police would no longer tolerate such impunity, citing its serious implications for public safety and national security.

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“Across our country, we have an increasing number of vehicles being driven without registration numbers, as well as vehicles whose number plates are deliberately concealed, defaced, covered, or altered in an attempt to evade identification,” Disu said.

“This practice is unlawful, irresponsible, and unacceptable. I wish to state unequivocally that from today, the Nigeria Police Force will no longer tolerate this impunity. Every vehicle operating on our roads must be properly registered and must display its approved registration number in accordance with the law.”

The IGP ordered that any vehicle found without a number plate or with a tampered registration number be stopped and made to face appropriate legal action. He instructed all CPs, tactical commanders, and heads of formations to immediately step up enforcement against unregistered vehicles and those with concealed plates.

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Ajiya Expresses Concern Over Rising Insecurity, Banditry, and Cattle Rustling

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Elder statesman Umar Ajiya has raised fresh concerns over Nigeria’s worsening security situation, warning that the country’s persistent insecurity could escalate into a national crisis if citizens fail to actively support government efforts in tackling the menace.

Speaking in a statement issued to journalists, Ajiya noted that Nigeria has been grappling with multiple security challenges for more than two decades, ranging from insurgency by Boko Haram to widespread kidnapping, banditry, cattle rustling, and other violent crimes that have continued to threaten national stability and economic growth.

According to him, while the Federal Government and several state governments have made considerable efforts to address the situation, it has become increasingly evident that government intervention alone cannot solve the problem. He stressed that every responsible citizen has a role to play by providing credible intelligence, contributing resources where possible, and offering constructive ideas and advice to support security agencies.

Ajiya emphasized that history has repeatedly shown that when the majority of law-abiding citizens remain silent in the face of growing societal challenges, such problems often worsen and become more difficult to resolve.

“Throughout history, the failure of the good majority to speak up has allowed systemic issues to thrive, whether in civic life or spiritual matters. If this trend continues, Nigeria stands the risk of a national meltdown that Africa cannot swallow,” he warned.

The elder statesman said the gravity of the current security challenges compelled him, as a concerned private citizen, to propose a number of policy options and practical solutions that government authorities may consider in their efforts to restore peace and security across the country.

Among his recommendations was the need for adequate and timely funding of security agencies, backed by measurable Key Performance Indicators (KPIs) and accountability mechanisms to ensure efficient utilization of resources.

He also called for improved intelligence gathering and the effective deployment of technology, particularly drones, to enhance surveillance operations. According to him, security agencies should be held accountable for failure to act on intelligence provided by relevant agencies, including the Department of State Services (DSS).

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On community policing, Ajiya advocated the establishment of state police or, alternatively, the deployment of police officers below the rank of Deputy Commissioner of Police to their respective states of origin under the existing federal policing structure. He further recommended the compulsory registration of all citizens under the National Identification Number (NIN) scheme, with links to phone numbers and bank accounts to improve traceability and intelligence gathering.

To address the growing trend of kidnappings, he proposed a nationwide ban on ransom payments and encouraged a gradual transition to a cashless economy, supported by strict enforcement measures against violators.

The elder statesman also expressed concern over alleged political interference in security matters, urging authorities to closely monitor political actors suspected of maintaining links with criminal elements. He called for the prosecution of anyone found aiding or collaborating with bandits and other criminal groups.

Ajiya highlighted the need for stronger coordination among security agencies, recommending the establishment of centralized Command and Control Centres (CCC) in every state. Such centres, he said, should be supported by Rapid Response Squads in all local government areas and vulnerable zones to facilitate swift and coordinated responses to security threats.

He further advocated improved welfare packages for frontline security personnel, insisting that benefits and allowances should be paid directly into the accounts of officers rather than through administrative channels that could delay or distort payments.

On border security, Ajiya urged Nigeria to strengthen collaboration with neighbouring countries through the creation of a regional joint task force equipped with drone technology and air power to monitor and secure porous border regions.

In a recommendation likely to generate public debate, he suggested that responsible citizens should be permitted to own firearms under a carefully regulated licensing framework. He also proposed empowering state forest guards and retired military personnel willing to serve in protecting their local communities.

Addressing infrastructure-related security concerns, Ajiya called for the urgent rehabilitation of major roads by both federal and state governments. He proposed the installation of scanners and security checkpoints at key entry and exit points into towns and cities to improve monitoring and crime detection.

On the issue of cattle rustling, he recommended that the Federal Government establish a comprehensive animal transaction registry requiring detailed records of buyers and sellers, including photographs and contact information, while also taking steps to prevent the sale of stolen livestock in markets across the country.

Ajiya further urged both government authorities and citizens to work collectively to confront the country’s security challenges, stressing that national security should be regarded as a shared responsibility requiring commitment from all stakeholders.

He expressed optimism that with stronger collaboration, accountability, technology-driven solutions, and active citizen participation, Nigeria can overcome its current security challenges and build a safer future for all.

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