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[UPDATED] Breaking: Buhari defends naira policy, returns old N200 notes into circulation
President Muhammadu Buhari has extended the validity of the old N200 notes till April 10, 2023.
The president announced this in a national broadcast on Thursday Monday.
“I am addressing you as your democratically elected president to sympathise with you over the hardship being experienced as a result of the naira redesign policy.”
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“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.
“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.”
Nigerians have been battling with the scarcity of new naira notes— a development that has led to queues at banking halls, and automated teller machine (ATM) points.
Read President Buhari’s Full Address Here
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.
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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
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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Agbede Mourns Baba Alado, Says Mushin Has Lost Pillar of Peace
Agbede Mourns Baba Alado, Says Mushin Has Lost Pillar of Peace
Mushin community in Lagos has lost one of its foremost voices for peace, dialogue and stability with the death of a prominent community leader and grassroots mobiliser, Chief Alhaji Taoreed Faronbi, popularly known as Baba Alado.
Former Chairman of the National Union of Road Transport Workers, Lagos State Council, Alhaji (Chief) Tajudeen Agbede, who is also the Balogun of Agege, described the death of the 83-year-old community leader as a monumental loss to Mushin, Lagos State and the transport union family.
Baba Alado, the Olori Ebi of the Alagbeji Royal Family in Papa Ajao and Babaloja of Aswani International Market, died in the early hours of Saturday, September 26, 2026.
In a condolence message personally signed on Sunday in Lagos, Agbede said the late community leader played a crucial role in maintaining peace and stability in Mushin, particularly during his tenure as chairman of the Lagos State NURTW.
According to him, Baba Alado was more than a community leader, as he served as a trusted bridge-builder whose counsel often helped to prevent disagreements from escalating into crises.
“During my tenure as Lagos NURTW Chairman, Baba Alado was a formidable force for peace and stability, especially in the Mushin axis, which remains strategic to union activities.
“At moments when tension arose, Baba Alado’s timely intervention, fatherly counsel and authoritative voice helped us maintain peace and brotherhood among members. He was not a distant leader.
“He was a constant, regular and respected face at every major union activity and event organised under my chairmanship,” Agbede stated.
The former NURTW boss said Baba Alado’s influence extended beyond the transport sector, noting that he promoted dialogue and understanding among transport workers, market traders, youths and traditional leaders in Mushin.
Agbede described the deceased as a detribalised leader and devout Muslim who devoted his life to the progress of his community and the welfare of those around him.
“He was a good adviser, a detribalised leader and a devout Muslim who touched many lives. His wisdom, calm disposition and steadfast commitment to the progress of Mushin and Lagos State will be long remembered,” he added.
Agbede extended his condolences to the wives and children of the deceased, members of the Alagbeji Royal Family, the Chairman of Mushin Local Government, Hon. Tunbosun Haruna Aruwe, and the people of Mushin.
He also commiserated with the Lagos State Chairman of the NURTW, Alhaji Mustapha Adekunle, popularly known as Sego, as well as members of the transport union family.
Agbede prayed Almighty Allah to forgive Baba Alado’s shortcomings, accept his good deeds and grant him Aljannah Firdaus.
He also prayed for Allah’s comfort and fortitude for the deceased’s family and all those mourning his passage.

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“What Is Tinubu Doing in Paris?” — Atiku’s Aide Challenges Presidency
“What Is Tinubu Doing in Paris?” — Atiku’s Aide Challenges Presidency
By Our Correspondent
The media aide to former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, Paul Ibe, has challenged the Presidency to publish details of President Bola Ahmed Tinubu’s substantive engagements in Paris and the outcomes of his activities during his prolonged stay in France.
Ibe made the demand on Monday, September 28, 2026, amid renewed questions over Tinubu’s continued absence from Nigeria after the period initially announced for his three-week working vacation.
Tinubu left Nigeria on August 30 for London to begin what the Presidency described as a three-week annual working vacation. He subsequently travelled to Paris, where he held meetings with French President Emmanuel Macron and French businessman Vincent Bolloré.
Ibe said Nigerians deserved sufficient information about the official engagements being undertaken by Tinubu in France, arguing that the Presidency should provide details that would enable the public to assess the purpose and outcome of the President’s extended stay abroad.
According to him, the issue was not whether the President was “hale and hearty”, but why his stay abroad had continued beyond the period initially announced by the Presidency.
“The Presidency should publish Tinubu’s substantive engagements and their outcomes. Nigerians can then judge whether this prolonged absence is justified,” Ibe said, according to a report published on Monday.
The Atiku aide also questioned the reference to the proposed $7 billion Ogun deep-seaport project as part of the explanation for Tinubu’s activities in France.
He noted that the agreement was between the Ogun State Government and DP World, with Tinubu witnessing the signing, and questioned its relevance to the justification for the President’s prolonged stay in France.
The Presidency, however, has maintained that Tinubu’s absence from Nigeria does not mean he has stopped performing his presidential duties.
In a September 21 statement, Special Adviser to the President on Information and Strategy, Bayo Onanuga, said Tinubu had extended his working vacation by a few days and would return to Nigeria at the weekend.
The Presidency said the President had remained in contact with officials at home and continued directing government affairs while abroad. It cited, among other activities, Tinubu’s decision to order an independent panel to investigate the deaths of 37 illegal miners in Minna.
The State House also confirmed that Tinubu met Bolloré in Paris on September 18 over plans to deepen investment in Nigeria’s creative and digital economy.
According to the Presidency, the discussions covered areas including film, entertainment and fibre-optic infrastructure, with the Bolloré Group indicating plans to deepen its operations and investments in Nigeria.
Ibe also questioned Tinubu’s decision to remain in France while the 81st United Nations General Assembly was taking place in New York.
Vice-President Kashim Shettima represented Nigeria at the UN General Assembly, while Tinubu remained in Europe. The Presidency explained that Shettima was representing the President and would deliver Nigeria’s national statement at the global gathering.
Ibe contrasted Tinubu’s continued stay in France with French President Emmanuel Macron’s movements, noting that Macron had hosted Tinubu in Paris before travelling to New York for the UN General Assembly.
“Meanwhile, Emmanuel Macron, who hosted Tinubu at the Élysée Palace, travelled to New York for UNGA and returned while Tinubu remained in France on housekeeping duties,” Ibe said.
Tinubu’s prolonged stay has continued to generate political debate, particularly following reports that his expected return to Nigeria had been postponed.
TheCable reported on September 27 that the President’s return plans had been changed at the last minute, with Tuesday being reported as the likely new return date. The reason for the change was not immediately disclosed.
The development has also triggered debate over Section 145 of the Nigerian Constitution, which deals with the President’s absence from office and the transmission of written declarations concerning vacation or inability to discharge presidential functions.
Atiku and his media aide have previously questioned whether the constitutional procedure was followed during Tinubu’s prolonged absence. The Presidency and other government officials have maintained that Tinubu remains in charge of the country’s affairs.
The latest exchange has therefore centred on two positions: the Presidency’s assertion that Tinubu has continued to conduct official business from abroad, and the opposition’s demand for greater disclosure about the President’s activities and the reasons for his extended stay in France.
“What Is Tinubu Doing in Paris?” — Atiku’s Aide Challenges Presidency
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Anambra Govt Demands Unreserved Apology From Peter Obi Over Debt Claims
Anambra Govt Demands Unreserved Apology From Peter Obi Over Debt Claims
The Anambra State Government has demanded an “unreserved apology” from former Governor Peter Obi over his claims that he left the state without outstanding debts, unpaid salaries, pensions or other financial liabilities when he handed over power in March 2014.
The demand was contained in a statement issued on Saturday, September 26, 2026, by the state Commissioner for Information and Value Reorientation, Dr Law Mefor, following Obi’s appearance on Arise TV on September 24.
The renewed disagreement centres on the financial position of Anambra at the end of Obi’s eight-year tenure and whether loans, salary arrears, pension obligations and other liabilities attributed to his administration remained outstanding after his departure.
Obi has maintained that he left office without owing salaries, pensions, gratuities or contractors whose projects had been completed, certified and verified. He has also disputed the state government’s characterisation of certain World Bank-related facilities as debts personally incurred by his administration.
However, Mefor, in the latest statement titled “Peter Obi’s Debts and Lies: More Questions Than Answers,” said the former governor’s recent interview did not adequately address documents and records presented by the state government.
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According to the commissioner, the state government’s position is that Obi’s administration contracted eight IDA/World Bank-related facilities which continued to have repayment obligations after he left office.
The government had previously identified facilities including the Malaria Control Booster Project, Third National Fadama Development Project, Health System Development Project II, State Education Programme Investment Project, Community and Social Development Project, Nigeria Erosion and Watershed Management Project and Value Chain Development Project. The state said the outstanding balance on the facilities stood at about N127.4 billion as of June 30, 2026, when converted at the official exchange rate.
Mefor argued that the fact that the facilities were obtained through international development institutions did not mean they were grants, insisting that the state was still responsible for repayment and servicing obligations.
The commissioner also rejected the argument that the value of assets or funds allegedly left behind by Obi could be used to erase the existence of liabilities.
He said a government’s financial position must take account of both assets and liabilities, arguing that the existence of savings or investments did not automatically mean there were no outstanding obligations.
The Anambra government further alleged that liabilities involving workers and pensioners remained after Obi’s administration left office.
Mefor specifically cited workers of the Anambra State Water Corporation, claiming that more than 700 employees had outstanding salary, pension and gratuity issues which subsequently became the subject of legal proceedings.
According to the commissioner, an arbitration process and a later National Industrial Court judgment established liabilities involving the workers, while the current administration entered into an out-of-court settlement in February 2024.
The government said the settlement was valued at N1.56 billion and that about N1.2 billion had so far been paid, with the remaining tranche expected to be settled.
Mefor also referred to pension arrears involving primary school teachers, alleging that 16 months of arrears had been certified during Obi’s administration, but that only five months were paid at the time.
These claims remain part of the dispute between the former governor and the current state administration and have been presented by the government as evidence that financial obligations remained when Obi left office.
Another major point of contention is Obi’s claim that he left more than N2.13 billion in an ecological fund account before handing over power.
The former governor had identified a First Bank account in support of his claim. But the Anambra State Government said it obtained records from the bank which, according to the government, did not support Obi’s description of the account.
Mefor said the account number cited by Obi was actually an Internally Generated Revenue Consolidated Account belonging to the Anambra State Government and not an ecological fund account.
The commissioner further claimed that a First Bank letter dated September 16, 2026, indicated that the account did not have N2.13 billion as its balance on March 17, 2014, nor did it record such an amount as an inflow during the period examined by the bank.
The government consequently challenged Obi to explain where the N2.13 billion he said he left behind was kept if it was not contained in the account he identified.
The ecological fund dispute is significant because Obi had cited the money as part of the financial resources he said were available to his successor after he left office.
The former governor has, however, continued to reject the broader allegation that he left Anambra with outstanding debts, maintaining that his administration settled inherited obligations and left substantial financial resources and investments.
In his September 24 Arise TV appearance, Obi reportedly maintained that his administration did not borrow money or issue bonds on behalf of Anambra State and said he left office without owing salaries, gratuities, pensions or contractors whose work had been completed and verified.
The dispute has also revived an earlier challenge attributed to Obi, in which he said he would withdraw from the 2027 presidential race if anyone could establish that he left salary, pension or other debts behind after leaving office.
The Anambra government said it considered the challenge to have placed the issue of Obi’s financial record firmly in the public domain.
Mefor therefore urged the former governor to acknowledge what the government described as documentary evidence and apologise to the people of Anambra State and Nigerians.
“As a responsible government and committed to ethical governance and politics, we remain ready to provide information that advances public interest,” Mefor said in the statement.
“For H.E. Peter Obi, it is a matter of word, character and integrity.”
The commissioner concluded by calling on Obi to “tender an unreserved apology” and move on from the controversy.
The latest exchange represents another escalation in the long-running disagreement between Obi and the administration of Governor Chukwuma Soludo over the financial records and legacy of the former governor’s administration.
While the Anambra government has cited debt records, bank documents and court-related liabilities in support of its position, Obi has rejected the allegations. The competing claims mean that the underlying financial records, including the relevant loan agreements, audited accounts, handover documents, bank statements and court records, remain central to independently determining the full financial position of the state as of March 17, 2014.
Anambra Govt Demands Unreserved Apology From Peter Obi Over Debt Claims
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