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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.
President Bola Ahmed Tinubu has congratulated Brazilian President Luiz Inácio Lula da Silva on his reported re-election for a fourth term, expressing his desire to strengthen Nigeria-Brazil relations across trade, investment, energy and other key sectors.
Tinubu conveyed his congratulations in a statement dated October 26, 2026, in Abuja, describing Lula as his friend and emphasising the historical ties between Nigeria and Brazil.
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The Nigerian president said Lula’s renewed mandate presents an opportunity for both countries to strengthen their longstanding friendship and expand cooperation in areas of mutual interest.
“Your renewed mandate offers an opportunity to strengthen the longstanding friendship and historical ties between Nigeria and Brazil,” Tinubu said.
He noted that Nigeria and Brazil, as leading nations of the Global South, could work together to promote economic integration and advance their shared interests amid a rapidly changing global order.
Tinubu said he looked forward to expanding cooperation between both countries in trade and investment, agriculture and food security, energy, oil and gas, manufacturing, science and technology, education, aviation and cultural exchange.
He also reaffirmed Nigeria’s commitment to strengthening multilateral cooperation with Brazil and advancing shared priorities across Africa, South America and the wider Global South.
“I affirm Nigeria’s continued commitment to working with Brazil to strengthen multilateral cooperation and advance shared priorities in Africa, South America, and across the Global South,” he said.
Tinubu, on behalf of the Nigerian people, wished Lula success in his new term in office.
“On behalf of the people of Nigeria, I wish you a successful new term in office,” the president added.
The Inspector-General of Police, Olatunji Rilwan Disu, has urged Nigerians to remain calm and vigilant following the Federal Government’s reported confirmation of an Ebola case in the Federal Capital Territory (FCT), warning against contact with the blood and body fluids of suspected patients.
Disu also called for strict adherence to preventive measures, improved personal hygiene and cooperation with public health authorities to protect lives and prevent further transmission of the disease.
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In a statement issued on Monday, October 26, 2026, by the Force Public Relations Officer, CSP Ani Iniedu, the IGP emphasised the importance of public awareness and collective responsibility in combating the outbreak.
Know the Warning Signs
The Nigeria Police Force urged Nigerians to familiarise themselves with the symptoms associated with Ebola and seek medical guidance if they develop symptoms following possible exposure.
The warning signs highlighted in the police awareness campaign include: Fever,Severe, headache, Muscle pain, Weakness, Vomiting, Diarrhoea, Unexplained bleeding.
The public was cautioned not to wait until bleeding occurs before seeking medical assistance.
Anyone who suspects they may have been exposed to the virus should promptly contact health authorities for guidance.
How Ebola Spreads
According to the awareness information provided by the Nigeria Police Force, Ebola can spread through direct contact with the blood or body fluids of an infected person.
Transmission can also occur through contact with contaminated items or the body of someone who has died from the disease.
Members of the public were therefore advised to avoid direct contact with the blood, body fluids and personal items of suspected patients.
The police also warned against touching or washing the bodies of people suspected to have died from Ebola.
Preventive Measures Nigerians Should Follow
The IGP urged Nigerians to observe basic preventive measures to reduce the risk of infection.
The measures include washing hands regularly with soap and water, avoiding contact with suspected patients’ body fluids and staying away from potentially contaminated items.
The public was also advised not to handle the bodies of suspected Ebola victims and to cooperate with healthcare workers and contact-tracing teams.
According to the awareness poster, individuals who may have been exposed to the virus should avoid physical contact with others if they begin feeling unwell and contact health authorities for immediate guidance.
The poster further advised anyone experiencing symptoms following possible exposure to contact the Nigeria Centre for Disease Control and Prevention (NCDC) through its toll-free helpline, 6232.
IGP Directs Police Officers to Observe Safety Measures
Disu also directed police personnel to observe appropriate infection prevention measures while carrying out their duties and promptly refer suspected cases to qualified health professionals.
The police said suspected patients, contacts and healthcare workers must be treated with dignity and without discrimination.
The Force further called on Nigerians to cooperate with contact-tracing teams, provide accurate information when required and refrain from spreading unverified reports capable of causing unnecessary panic.
Members of the public were encouraged to rely on official updates from the Federal Ministry of Health and Social Welfare, the NCDC and other authorised public health agencies.
Police Warn Against Stigmatisation
The Nigeria Police Force assured Nigerians of its commitment to supporting relevant health authorities in protecting lives and maintaining public order throughout the period.
The Force also urged the public to share accurate information, remain vigilant and avoid stigmatising people affected by or suspected of having the disease.
The awareness campaign stressed that protecting public health is a shared responsibility and encouraged Nigerians to stay informed and follow appropriate preventive measures.
Members of the public should seek guidance from authorised health officials if they suspect exposure to Ebola.
Professor Stefan Dercon, a development economist at the University of Oxford, has warned that Nigeria cannot replicate China’s economic development model, urging the country to adopt pragmatic policies that reflect its own institutional realities.
Dercon made the remarks on Monday at the opening ceremony of the 32nd Nigerian Economic Summit (NES #32) in Abuja, where he highlighted the importance of leadership commitment, economic transformation and policies that promote sustainable growth.
According to him, Nigeria lacks the institutional structures that supported China’s development and must therefore identify an economic model suited to its own circumstances.
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“Nigeria does not have a Chinese state, and it can dream of it, but it doesn’t. But it also means it can’t do a China,” Dercon said.
He explained that China’s development was supported by a long history of meritocratic institutions, including a rigorous public examination system for civil servants that had existed for approximately 1,300 years.
The economist noted that many countries developed their state institutions through patronage and personal connections rather than merit-based systems, creating differences in their capacity to implement development policies.
Dercon, however, said Nigeria could still learn from successful economies by identifying approaches that fit its own circumstances rather than attempting to copy another country’s model.
He pointed to China’s shift away from an ideology-driven economy under former leader Mao Zedong towards a more pragmatic approach focused on economic growth and progress.
According to him, countries that achieve economic success share a commitment among their leadership to growth, regardless of the specific economic model they adopt.
“That’s actually what all countries that are successful, whatever the blueprint or the models they try to use, have in common. That’s an elite commitment to actually growth using a model that fits the context,” he said.
Dercon Calls for Economic Transformation
The Oxford economist urged Nigeria to demonstrate a serious commitment to transforming its economy, creating jobs and improving prosperity.
He argued that the country needed to move away from an economic system that benefits a limited group of people towards one that delivers broader opportunities and sustainable development.
“So what Nigeria needs is that. It needs a really serious commitment to begin to change this model,” Dercon said.
He added that the government must recognise its capabilities and limitations while identifying and correcting policies that undermine economic growth.
Dercon also emphasised the importance of learning from experience, testing policies and making necessary adjustments to achieve better results.
“But all these places, they learned, they tried, and they corrected, and then they made progress,” he said.
Indonesia Offers Lessons for Nigeria
Dercon also identified Indonesia as a country Nigeria could study for lessons on economic development, while acknowledging that the two countries have important differences.
He argued that economic growth should be treated as a national security priority because a stronger economy is essential to national development and stability.
“You need to grow the economy, you need to develop. That’s an issue of national security. I don’t think I have to explain that in Nigeria’s context either,” he said.
He advised Nigerian policymakers to maintain macroeconomic stability, remain consistent with sound economic policies and focus on practical measures capable of supporting long-term growth.
Dercon stressed that Nigeria’s priority should be to develop an economic strategy that reflects its institutional realities while promoting productivity, job creation and shared prosperity.
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