[UPDATED] Breaking: Buhari defends naira policy, returns old N200 notes into circulation - Newstrends
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[UPDATED] Breaking: Buhari defends naira policy, returns old N200 notes into circulation

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President Muhammadu Buhari

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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Senate Erupts as Akpabio, Oshiomhole Clash Over Controversial Rule Amendments

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Senate President Godswill Akpabio and Senator Adams Oshiomhole
Senate President Godswill Akpabio and Senator Adams Oshiomhole

Senate Erupts as Akpabio, Oshiomhole Clash Over Controversial Rule Amendments

The Nigerian Senate crisis deepened on Wednesday after a heated confrontation between Senate President Godswill Akpabio and Senator Adams Oshiomhole disrupted plenary proceedings for over 15 minutes.

The tense exchange occurred during the routine consideration of the Votes and Proceedings from Tuesday’s sitting. Trouble began when Oshiomhole (APC, Edo North) abruptly raised a point of order while Akpabio was reading the official record.

Citing the Senate Standing Orders 2023 (as amended), Akpabio ruled him out of order, explaining that such interruptions are not permitted at that stage of proceedings. However, Oshiomhole insisted on being heard, challenging the interpretation of the rules and triggering a Senate plenary disruption.

In a bid to restore order, Akpabio called on former Chief Whip Orji Uzor Kalu to clarify the procedural position. Kalu backed the Senate President, stating that the rules clearly prohibit such interruptions.

The situation escalated further when Chief Whip Tahir Monguno warned that disciplinary measures could be invoked if the disruption continued. Despite this, Oshiomhole remained defiant, citing Order 20(f) and stressing that lawmakers must fully understand the rules guiding legislative business.

A visibly displeased Akpabio issued a stern warning, stating, “We should not just go home, buy forms and come here without knowing the rules,” before cautioning that the Senate would not hesitate to enforce discipline if necessary.

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Calm was eventually restored, allowing the Senate President to complete the reading. Senator Adamu Aliero subsequently moved a motion for adoption, seconded by Senate Minority Leader Abba Moro.

The confrontation is widely linked to the controversial Senate rule amendment adopted a day earlier, which has sparked intense debate within Nigeria’s political space ahead of the 2027 elections. During a closed-door session lasting nearly three hours, lawmakers amended key provisions—Orders 4 and 5—effectively tightening eligibility criteria for leadership positions in the National Assembly.

Under the revised rules, only senators who have served at least two consecutive terms immediately before nomination will be eligible to contest for positions such as Senate President and Deputy Senate President. This new Senate eligibility rule significantly narrows the pool of contenders.

The amendment also reinforces the principle of ranking, prioritising former presiding officers and experienced lawmakers over first-time entrants. Additionally, Order 5 now requires that any senator seeking a principal office must have completed two consecutive terms prior to nomination.

The implication is clear: only returning members of the current Senate who secure re-election into the next Assembly will qualify for top leadership roles, effectively excluding many new and returning political heavyweights.

The Nigeria Senate controversy has raised concerns about inclusiveness and internal democracy. While Senate leadership argues the changes will strengthen institutional memory and ensure stability, critics believe the move could consolidate power among a select group of ranking lawmakers.

Oshiomhole is reported to have been among the few senators who openly resisted the amendments, making Wednesday’s clash a continuation of deeper disagreements within the chamber.

Observers say the incident signals early 2027 election power struggle dynamics, with growing tensions over succession, leadership control, and legislative procedure already playing out in the Red Chamber. As debates continue, the episode underscores broader concerns about transparency, fairness, and the balance of power in Nigeria’s legislative process.

Senate Erupts as Akpabio, Oshiomhole Clash Over Controversial Rule Amendments

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FG Moves to Reverse US ‘Country of Particular Concern’ Designation on Nigeria

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Minister of Foreign Affairs, Bianca Odumegwu-Ojukwu
Minister of Foreign Affairs, Bianca Odumegwu-Ojukwu

FG Moves to Reverse US ‘Country of Particular Concern’ Designation on Nigeria

The Federal Government has intensified diplomatic engagements with the United States in a bid to secure the removal of Nigeria from the “Country of Particular Concern” (CPC) list, citing ongoing security reforms and strengthened bilateral cooperation.

The designation, issued by the U.S. government in 2025 under its international religious freedom framework, was based on concerns over alleged violations of religious freedom in Nigeria, particularly linked to violence involving extremist groups and communal clashes in parts of the North-East and Middle Belt regions.

The classification followed concerns raised by Washington over attacks attributed to extremist organisations such as Boko Haram and armed groups operating in rural communities, which have contributed to insecurity, displacement, and heightened humanitarian challenges across affected regions.

Nigeria has consistently rejected the CPC designation, arguing that it does not fully reflect the country’s religious diversity or the ongoing efforts by security agencies to combat terrorism, banditry, and other forms of violent crime affecting both Christians and Muslims.

The Minister of Foreign Affairs, Bianca Odumegwu-Ojukwu, confirmed that discussions on the CPC issue formed part of a recent diplomatic engagement in Abuja with U.S. Chargé d’Affaires, David Heffern.

In a post on her X handle, she said the meeting covered a broad range of bilateral issues including security and defence cooperation, border management, migration challenges, counter-terrorism efforts, intelligence sharing, visa matters, and other areas of mutual interest between both countries.

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Odumegwu-Ojukwu explained that both sides also reviewed ongoing collaboration under the Joint Working Group, which focuses on improving regional stability and addressing shared security concerns across West Africa.

A major point of discussion was Nigeria’s continued inclusion on the CPC list, which the government insists is being addressed through sustained reforms and diplomatic engagement with Washington.

She noted that Nigeria remains committed to working closely with the United States to address underlying concerns while strengthening long-standing bilateral relations.

The Federal Government has also highlighted ongoing improvements in counter-terrorism operations, inter-agency coordination, and community-based security initiatives aimed at reducing violence and protecting civilians across the country.

Officials say Nigeria is also deepening cooperation with international partners in intelligence sharing and regional peacebuilding efforts as part of its broader security strategy.

Authorities maintain that insecurity in Nigeria is driven by multiple factors, including terrorism, banditry, and communal conflicts, rather than targeted religious persecution alone.

The government has reiterated that it will continue diplomatic engagement with the United States and other partners in a bid to ensure that Nigeria’s security progress is properly reflected in international assessments.

Both countries are expected to maintain discussions in the coming months as Nigeria pushes for a review of its status on the CPC list and seeks to strengthen cooperation on security and governance issues.

FG Moves to Reverse US ‘Country of Particular Concern’ Designation on Nigeria

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Senate Tightens Rules, Restricts Ex-Governors, New Entrants From Leadership Positions

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Senate plenary

Senate Tightens Rules, Restricts Ex-Governors, New Entrants From Leadership Positions

The Senate of Nigeria has adopted sweeping amendments to its Standing Orders, tightening eligibility requirements for principal leadership positions and limiting access for first-time senators, serving governors, and former lawmakers planning a return to the chamber.

The decision followed a closed-door session that lasted nearly three hours on Tuesday, after which lawmakers revised Orders 4 and 5 of the Senate rules. The amendments introduce stricter criteria for contesting top positions such as Senate President, Deputy Senate President, Majority Leader, and other principal offices.

Under the revised Order 4, the Senate introduced a structured ranking system to determine eligibility for presiding officers. Priority will now be given to former Senate Presidents, former Deputy Senate Presidents, former principal officers, senators who have served at least one full four-year term, and former members of the House of Representatives. First-time senators will only be considered where no qualified candidates exist within these categories.

Lawmakers backing the reform said the new hierarchy is designed to strengthen institutional memory and ensure that leadership roles are occupied by experienced legislators who are familiar with parliamentary procedures and responsibilities.

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The Senate also strengthened Order 5 by introducing a clause requiring senators to have served at least two consecutive terms immediately before becoming eligible to contest for principal offices. This means that first-term senators and those with interrupted legislative careers will no longer be eligible to run for key leadership positions.

The amendment further affects senators-elect who have not served in both the 9th and 10th National Assemblies, effectively excluding them from leadership contests in the upcoming 11th Senate.

The reforms come amid rising political activity ahead of the 2027 general elections, as several state governors and political heavyweights prepare to move into the Senate after completing their tenure in executive office.

Analysts note that the changes appear targeted at a growing trend in which outgoing governors seek to immediately assume leadership positions upon entering the Senate, often based on political influence rather than legislative experience.

At least a dozen governors are expected to complete their second and final terms by 2027, while several former governors are also positioning themselves for Senate seats, increasing competition for future leadership roles.

The development is particularly significant as high-profile figures, including serving governors, are already engaging in early consultations and political alignments within their states, with party structures playing a decisive role in determining Senate nominations.

Although the rules do not mention specific individuals, political observers say the amendment could impact figures such as Hope Uzodimma, whose name has featured in discussions around possible Senate ambitions after his governorship tenure.

Other political actors with gubernatorial backgrounds are also expected to be affected by the new restrictions, especially those planning to enter the Senate for the first time after 2027.

Senate leadership maintains that the reforms are aimed at preserving institutional integrity and ensuring that leadership selection is guided by experience rather than external political influence.

However, critics argue that the changes could reduce opportunities for new entrants and concentrate leadership power among long-serving lawmakers.

The amendments also reflect broader political realignments within Nigeria’s political system, where party structures and executive influence continue to shape legislative dynamics ahead of the 2027 elections.

As preparations intensify for the next electoral cycle, the revised Senate rules are expected to significantly reshape leadership contests, narrowing eligibility to a smaller pool of experienced legislators.

Senate Tightens Rules, Restricts Ex-Governors, New Entrants From Leadership Positions

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