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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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APC Dismisses ADC’s Claims, Calls Leadership Crisis ‘Self-Inflicted’

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By Yusuf Danjuma Yunusa

The All Progressives Congress (APC) has described the Independent National Electoral Commission’s (INEC) recent removal of the African Democratic Congress (ADC) National Working Committee (NWC) members from its portal as a problem entirely of the opposition party’s own making.

Speaking on News Central on Thursday, APC spokesperson Felix Morka rejected allegations that the ruling party was behind INEC’s decision to stop recognising David Mark as ADC national chairman and former governor Rauf Aregbesola as national secretary.

“We are only concerned about our level of preparation and the effort we are making. We’re concerned about ourselves. It is the opposition that is obsessed about what the APC does,” Morka said.

He added: “Even the most recent development that everyone is talking about—INEC’s decision to derecognise the David Mark executive—was utterly self-inflicted. The APC didn’t do that. We did not orchestrate the hijack of the ADC by that executive.”

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INEC removed the Mark-led NWC from its portal on Wednesday, citing a March 12 ruling by the Court of Appeal. The commission also delisted the factional chairman, Nafiu Bala Gombe. INEC stated it would no longer recognise any factional activities until the Abuja Division of the Federal High Court resolves the party’s leadership dispute.

In response, the ADC, through its national publicity secretary Bolaji Abdullahi, accused the ruling party of hijacking its leadership and pressuring INEC to sack the Mark-led NWC. “The electoral body acted under pressure from a government panicked by the opposition momentum, despite its efforts to destroy all opposition parties and foist a one-party rule on Nigeria,” the ADC alleged.

Morka dismissed the accusation, arguing that INEC withdrew recognition from Mark and Aregbesola because they disregarded the ADC’s constitution and the rule of law.

“They did that, completely ignoring the rule of law and the party’s constitution on succession. When you parachute into a party and take over without following constitutional stipulations on leadership succession, this is the consequence,” he said.

“This was manufactured by the same people now complaining and pointing fingers at the APC. We are not concerned about all that.”

The leadership crisis in the ADC—a coalition of opposition politicians positioning to challenge President Bola Tinubu in the 2027 elections—began following the resignation of Ralph Nwosu as national chairman. David Mark was subsequently ratified as chairman, a move Gombe contested, arguing that he was entitled to the position under the party’s constitution.

Gombe then approached the Federal High Court in Abuja, challenging the legality of Mark’s leadership and seeking an order to stop the NWC members from parading themselves as party leaders.

Mark’s faction appealed to the Court of Appeal on December 18, 2025, arguing that the lower court lacked jurisdiction. However, the appellate court dismissed the appeal, allowing the case to proceed at the Federal High Court.

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INEC Dismisses Calls for Chairman’s Removal, Clarifies Voter Revalidation Decision

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By Yusuf Danjuma Yunusa

The Independent National Electoral Commission (INEC) has rejected mounting calls for the resignation or removal of its Chairman, Professor Joash Amupitan (SAN), while also moving to clarify what it termed widespread misconceptions about its planned nationwide voter revalidation exercise.

In a statement issued late Thursday in Abuja and signed by the Chairman’s Chief Press Secretary, Adedayo Oketola, the Commission said it was aware of “recent public statements by political actors alleging partisan bias” and demanding the Chairman’s removal over the Commission’s decision to obey a recent Court of Appeal judgment.

INEC acknowledged the right of stakeholders to voice their opinions, but stressed that its operations and leadership structure are constitutionally protected.

“It is imperative to clarify that INEC is a creation of the Constitution of the Federal Republic of Nigeria. The appointment, tenure, and removal of the Chairman and National Commissioners are strictly governed by Section 157 of the 1999 Constitution (as amended),” the statement read.

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The Commission further underlined the independence of its leadership, noting that “the Chairman does not hold office at the pleasure of any political party or interest group.” It warned that “any call for removal outside the established constitutional process is not only a distraction but a direct assault on the independence of the nation’s electoral umpire.”

Explaining its compliance with the recent Court of Appeal judgment, INEC said the decision was necessary to avoid a repeat of past electoral crises. The Commission stated that it acted “to avert a situation that occurred in Zamfara State and Plateau State, where elected officials were removed by election tribunals on account of disobedience of court judgments.”

The Commission also clarified that monitoring the activities of the David Mark-led faction of the African Democratic Congress (ADC) would amount to disobedience of the court order. It added, “It was only on the 9th of September 2025 that INEC accepted and approved David Mark’s Exco, which was seven days after the matter was filed at the Federal High Court.”

Addressing allegations that it was undermining the multi-party system, INEC dismissed such claims, pointing to its recent registration and recognition of three political parties—the Democratic Leadership Alliance, the Nigeria Democratic Congress, and the National Democratic Party. This brings the total number of active political parties in the country to 22, which the Commission said demonstrates its neutrality.

Reaffirming the binding authority of appellate court rulings, INEC cited Section 287(2) of the 1999 Constitution, which “mandates every person and authority in Nigeria not only to obey the judgment of the Court of Appeal but also to enforce such judgment.”

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Jonathan Urges National Assembly to Overhaul Electoral Litigation Process, Create Specialised Court

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Good Luck Ebele Jonathan

 

By Yusuf Danjuma Yunusa

Former President Goodluck Jonathan has called on the National Assembly to overhaul Nigeria’s electoral litigation process by establishing a specialised constitutional court to handle election disputes.

Speaking on Wednesday in Abuja at the 70th birthday and book launch of Senator Gbenga Daniel (APC, Ogun East), Mr. Jonathan argued that a dedicated court would reduce the strain on the political system by resolving election-related cases in a single phase.

He criticised the current three-tier system for governorship disputes—moving from a tribunal to the Court of Appeal and finally to the Supreme Court—as ineffective and unnecessarily prolonged.

Recalling a landmark case from 2011, Jonathan highlighted how technicalities have historically undermined electoral justice. “I remember a particular case where someone lost an election as a governor because the law then stipulated the use of red ink to tick voters’ names,” he said.

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“In an entire senatorial district, they were not provided with red pens and used available black or green pens. As a result, those votes were cancelled. The Appeal Court upheld this, even though the lower tribunal felt that a tick is a tick.”

While acknowledging that the National Assembly later amended the law to allow governorship cases to reach the Supreme Court—specifically to prevent such injustices—Jonathan noted that the amendment failed to address the length of the litigation process.

The former president urged Nigeria to draw lessons from Francophone African countries, which employ specialised constitutional courts for political matters. He proposed that if the Supreme Court must remain the final arbiter for governorship elections, the lower tribunal stage should be eliminated entirely.

“I believe the ideal thing to do, which I was considering when I was in office, was to make sure that it’s only one tribunal that listens to any litigation relating to politics. This is done, especially in the Francophone countries in Africa. They have constitutional courts. Anything about elections, only the constitutional courts take decisions,” Jonathan explained.

He also challenged the judiciary to exercise firmness in its rulings, drawing an analogy to football. “Politics is like soccer, and the judges are the referees. If the referee looks the other way, players will break legs or score with their hands,” he added.

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