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[FULL TEXT] PMB’s Nationwide Broadcast on Naira Redesign
President Muhammadu Buhari in a nationwide broadcast on Thursday approved the continuous use of the old N200 as legal tender till April 10.
Find below the full text of President Buhari’s broadcast:
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 N1.4 trillion.
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
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 macroeconomic 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 amounts 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 cease 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.
Police officers on Monday fired tear gas to disperse peaceful demonstrators gathered in Abuja’s Maitama district to protest worsening economic conditions, insecurity, and what they described as growing repression by the Nigerian government.
The protest, organized by the Take-It-Back Movement alongside other civil society groups, was part of a nationwide action.
It took place on the same day the Nigeria Police Force marked its National Police Day with a formal ceremony at Eagle Square.
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With the Three Arms Zone cordoned off for the police event—attended by high-ranking officials—security presence was heightened across the capital.
Protesters, however, assembled nearby, calling attention to what they see as the shrinking space for civil liberties and freedom of expression.
Carrying placards that read “Stop the Repression” and “Let Us Breathe,” the demonstrators included well-known activist and former presidential candidate Omoyele Sowore.
Leading the protest was Juwon Sanyaolu, National Coordinator of the Take-It-Back Movement, who outlined the group’s demands.
He cited the country’s rising inflation, widespread insecurity, and “a state of emergency” in Rivers State as urgent national concerns.
“We cannot continue to suffer in silence,” he said. “This action was necessary to draw attention to the suffering of the Nigerian people and the growing attempts to suppress dissent.”
Although the march began without incident, the situation quickly escalated when police operatives moved in with tear gas to break up the crowd. Protesters were seen fleeing the area as tension mounted.
There were no immediate reports of injuries or arrests at the time of this report.
The National Assembly complex, which was among the destinations the protesters planned to visit, was quiet due to the ongoing recess. Lawmakers are expected to resume on April 29.
Despite being cut short, protest leaders stood by the action, describing it as timely and essential.
“This action was necessary to draw attention to the suffering of the Nigerian people and the growing attempts to suppress dissent,” Sanyaolu emphasized.
Protesters in Lagos on Monday defied police warnings as they took to the streets to demonstrate against the rising threat of cybercrime and the perceived move toward emergency rule in Rivers State.
Organized by the Take It Back Movement (TIBM), the protest began at the popular Ikeja Under-Bridge, with demonstrators marching toward the Lagos State Government House and the State House of Assembly in Alausa.
The protest, which remained peaceful despite tight security presence, was held in exercise of the group’s constitutional right to peaceful assembly.
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The demonstration came just a day after the Inspector General of Police, Kayode Egbetokun, urged organizers to cancel the planned nationwide protest scheduled for April 7, 2025.
The date also marks the newly declared National Police Day.
In a statement issued on Sunday by Force spokesperson, Muyiwa Adejobi, the police described the protest as “ill-timed,” alleging that it was intended to cast the Nigeria Police in a negative light.
“In line with global best practices in celebrating police institutions, the Nigerian Government has declared April 7 as National Police Day,” the statement read.
“The rationale behind staging a nationwide protest on the same day is questionable and perceived as a deliberate and unpatriotic act aimed at maligning the image of the Nigeria Police and the nation as a whole,” it added. “The Nigeria Police Force hereby advises the organizers to shelve the planned protest.”
Despite the appeal, TIBM pushed forward with its Lagos demonstration, maintaining that the protest was both timely and necessary.
The group’s National Coordinator, Juwon Sanyaolu, led the procession, which continued from Alausa toward Ojota and Gani Fawehinmi Park, where he was expected to address the crowd.
For many months, Nigeria’s most notorious terrorist mastermind, Turji Bello and several others of his kind have defied the deadline given by the service chiefs including the Chief of Defence Staff, Gen Christopher Musa and the Chief of Army Staff, Lt Gen Olufemi Oluyede to neutralise or capture them in the bid to bring their reigns of bloodshed and destruction of lives and property to an end.
Amid what seemed like a spectacular failure by the Nigerian Service Chiefs and the National Security Adviser (NSA) to achieve these targets of neutralising Bello, the civil society organization, Human Rights Writers Association of Nigeria (HURIWA) has asked the Service Chiefs including the CDS, the Inspector General of Police (IGP) and the NSA to acknowledge publicly that they have collectively disappointed Nigeria by not neutralising or arresting Bello and other notorious terrorists and then bow out of their juicy offices since the wages of failure to actualise a mandate is an honourable exit.
The HURIWA’s position was contained in a statement by its National Coordinator, Comrade Emmanuel Onwubiko
The HURIWA also expressed shock and consternation that the Nigerian leader who is the Commander-in-Chief of the Armed Forces of Nigeria, President Bola Ahmed Tinubu jetted off to France, Europe, at a time when terrorists in their hundreds are staging religious ceremonies to commemorate the end of the year 2025 Ramadan fast and the Sallah.
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“Travelling to France on what the President calls ‘brief working visit’ makes no logical, tactical and good reputational sense because what will our president tell the French journalists if he is confronted with the viral videos of terrorists holding religious and social ceremonies in Nigeria whereby his primary constitutional duty is to provide security to the lives and property of Nigerians and to guarantee the welfare and well-being of the citizenry?”
The HURIWA stated that it is extremely disappointing that several months since the Chief of Defence Staff General Christopher Musa categorically assured Nigerians that the reign of the notorious terrorist leader, Bello Turji would come to an end, the terror mastermind has rather reportedly hosted a grand Eid celebration in Magira, located in Isa Local Government Area (LGA) of Sokoto State, before leading an attack in Fadamar Lugu, where he and his gang killed 12 people and left one person injured on Tuesday.
The Rights group recalled that even 4 months back, on December 31st, 2024, the Chief of Defence Staff General Christopher Musa appeared on a popular prime time network programme on Channels television and assured Nigerians for the umpteenth time that Turji Bello would be captured and that most of his affiliates have been neutralised. In February of this year, the CDS also told Nigerians that the terror mastermind Turji Bello is asking to surrender.
The HURIWA then wondered how come the terrorist leader is now holding open religious ceremony and even moving to another town where he killed 12 innocent members of the community just for fun.
The HURIWA quoted security analyst Bakatsine as disclosing the incident in a post on 𝕏 on Wednesday, revealing that Turji’s gathering in Magira was attended by fellow bandits from Zamfara State.
Following the festivities, the group proceeded to Fadamar Lugu, where they launched a brutal assault on innocent residents.
“Bandit leader Bello Turji hosted an Eid celebration in Magira, Isa LGA, with bandits from Zamfara State. After the feast, he moved to Fadamar Lugu in Isa LGA, Sokoto State, killing 12 people & injuring one person just for fun,” Bakatsine wrote.
Turji, one of Nigeria’s most wanted criminals, has been linked to numerous violent crimes, including mass killings, kidnappings, and raids across Sokoto and Zamfara States.
The HURIWA recalled that in a separate but alarming development, armed bandits operating in different parts of the country were seen on video performing Eid prayers at the conclusion of the 2025 Ramadan fast.
Counter-insurgency expert Zagazola Makama shared the footage on 𝕏 on Tuesday, April 1, revealing that the armed groups conducted prayers in two locations within Kaduna State.
Naijaonpoint understands that the prayers took place in Maidaro, Sabon Birni, and East Kaduna, deep within Dogon Dawa Forest.
The video footage reportedly showed the bandits armed with sophisticated weapons, including guns, drones, and mobile phones.
The HURIWA said for the fact that the Defence Chiefs including the Chief of Army Staff Lieutenant General Olufemi Oluyede publicly gave timelines to definitely bring Turji Bello to justice or take justice to him and his many affiliates, the notorious terrorists leader Turji Bello has remained elusive and the Nigeria Army which is the largest in Africa has failed for half a year to capture just one terrorism kingpin just as the security forces are overwhelmed by sporadic terrorists attacks all across the Country.
The HURIWA noted that a tragic incident had unfolded in Delta State, where a man, Godwin Anuka, was brutally killed by suspected Fulani herders after being kidnapped alongside his wife and two children in the Ubulu-Uku area.
The shocking development was revealed by Harrison Gwamnishu, the Senior Special Assistant on Civil Society and Youth Mobilisation to the Delta State Governor, in a Facebook post on Wednesday.
According to Gwamnishu, the kidnappers had abducted two individuals on March 23, taking them into the bush while demanding ransom. However, in a heartbreaking turn of events, Anuka was murdered in the presence of his wife and children.
He noted that while the kidnappers were hiding in the bush with the two abducted victims, they saw Anuka alongside his wife and two underage children working on their farm.
The HURIWA said it is worrisome that top-flight security chiefs would publicly vow to achieve an objective and when they fail, they simply pretend like they did not publicly make any affirmation to neutralise Turji Bello. “They told us about 6 months back that Turji Bello’s threats to attack communities in Zamfara and Sokoto state was the last kick of a dying horse and that his end is imminent. Six months later, TURJI BELLO is not only operating unhindered, but he is killing civilians for fun and staging religious ceremonies covered by his affiliates who are deploying modern technology such as drones and sophisticated phones to record videos of the events and distributing them to social media platforms. This should be the reason for the failed service chiefs to take the most honourable step and resign forthwith so fresh service chiefs can be entrusted with the job of achieving the war on terror within the specified time frame.”
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