[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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NLC Demands Urgent Govt Relief as Petrol Prices Surge Amid US–Israel–Iran War

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Nigeria Labour Congress (NLC)

NLC Demands Urgent Govt Relief as Petrol Prices Surge Amid US–Israel–Iran War

The Nigeria Labour Congress (NLC) has called on the Federal Government to take immediate steps to protect Nigerians from the rising cost of petrol and the resulting economic hardship facing workers and ordinary citizens.

In a statement issued by its President, Joe Ajaero, the union warned that recent increases in petrol pump prices — now averaging between ₦1,170 and ₦1,300 per litre in many parts of the country — are placing “unbearable pressure” on households already contending with high inflation and dwindling purchasing power.

The NLC said the price surge has been driven largely by escalating geopolitical tensions in the Middle East involving the United States, Israel and Iran, which have triggered instability in global oil markets and pushed up crude oil prices internationally.

Describing the development as “an attack on the welfare of citizens,” the labour body said Nigerian workers are bearing the brunt of a crisis they did not cause.

“The military escalation involving the U.S., Israel and Iran has sent shockwaves through global oil markets,” the union said. “Consequently, petrol prices in Nigeria have skyrocketed to between ₦1,170 and ₦1,300 per litre. This is a direct assault on the Nigerian people.”

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The NLC also cited projections from the Nigeria Economic Summit Group (NESG) that Nigeria could earn up to ₦30 trillion in oil windfall due to the price spikes, urging the government to channel such revenue towards alleviating hardship for citizens rather than allowing it to “grow wings.”

To cushion the impact of the crisis on workers and vulnerable populations, the NLC outlined several urgent demands, including:

  • An immediate wage award and cost‑of‑living allowance (COLA) for workers;
  • Expanded cash transfers to support vulnerable citizens;
  • Tax relief for low‑income earners;
  • A clear timeline for the operationalisation of all public refineries in Nigeria.

The labour union argued that the current crisis has exposed structural weaknesses in Nigeria’s downstream petroleum sector, stressing that continued reliance on global market pricing leaves the country vulnerable to external shocks.

According to the NLC, even privately owned refineries, including the Dangote Refinery, have responded to global price volatility by increasing their own pricing, reinforcing the need for a functioning public refining system.

“Our public refineries must be operational,” the NLC said, pointing to facilities in Port Harcourt, Warri and Kaduna as vital to achieving energy security and reducing dependence on volatile global markets.

The union warned that rising fuel prices have already driven up transportation costs and contributed to worsening food inflation, placing even greater strain on workers and their families.

“This crisis has brutally exposed the fragility of Nigeria’s downstream sector,” the NLC said. “As long as we remain dependent on a market‑driven pricing structure tied to global vicissitudes, we will remain hostages to wars and speculators.”

The union stressed the need for meaningful engagement between the government and organised labour to address Nigeria’s broader economic challenges and protect the welfare of citizens.

“We are not a statistic; we are the engine of this nation,” the statement added. “When the engine overheats, the entire vehicle crashes. We demand action. We demand justice. We demand survival.”

NLC Demands Urgent Govt Relief as Petrol Prices Surge Amid US–Israel–Iran War

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Nigerian Muslims, others should be protected against Islamophobia – UN chief

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Secretary-General of the United Nations, António Guterres
Secretary-General of the United Nations, António Guterres

Nigerian Muslims, others should be protected against Islamophobia – UN chief

The Secretary-General of the United Nations, António Guterres, has called on governments, institutions and communities across the world to intensify efforts to combat Islamophobia and protect Muslims from discrimination, hostility and violence.

Guterres warned that growing prejudice against Muslims threatens social cohesion, human rights and peaceful coexistence, stressing that intolerance against any group undermines the foundations of inclusive societies.

He made the appeal in a message marking the International Day to Combat Islamophobia, observed annually on March 15.

According to the UN chief, the world’s nearly two billion Muslims come from diverse cultures, languages and traditions, reflecting the richness and diversity of humanity.

He noted that Muslim communities contribute significantly to global development through education, commerce, science, culture and public service in many countries.

However, Guterres said many Muslims still face institutional discrimination, socio-economic exclusion, biased immigration policies and unwarranted surveillance and profiling.

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“These worrying trends are fuelled by anti-Muslim rhetoric and outright hate, which can lead to harassment and violence against individuals and places of worship,” he said.

The UN chief warned that unchecked hate speech, misinformation and stereotypes could deepen divisions and threaten peaceful coexistence among different faiths and cultures.

He urged governments worldwide to take concrete steps to address religious discrimination, protect freedom of belief, and combat hate speech in line with international human rights law.

According to him, national laws and policies must guarantee equal rights and protection for everyone regardless of religion, belief, ethnicity or background.

Guterres also called on technology companies and online platforms to strengthen their response to digital hate campaigns targeting religious communities.

He said social media companies must act responsibly by removing harmful content and preventing harassment based on religion or belief.

“All people must speak out against bigotry, xenophobia and discrimination wherever they find it,” he said, warning that silence in the face of hate allows prejudice to spread and undermines collective efforts to build tolerant societies.

The UN chief further recalled that in May 2025 he appointed Miguel Ángel Moratinos, the High Representative for the United Nations Alliance of Civilizations, as the UN Special Envoy to Combat Islamophobia.

According to him, the envoy’s role is to strengthen global cooperation and coordinate international efforts aimed at addressing anti-Muslim discrimination and promoting religious tolerance worldwide.

Guterres said the UN has also launched several initiatives, including the UN Strategy and Plan of Action on Hate Speech, to tackle online incitement, misinformation and hostility directed at religious communities.

“On this International Day to Combat Islamophobia, let us recommit to equality, human rights and dignity for every person, regardless of faith,” he said.

“Let us eradicate the scourge of Islamophobia from every country and community.”

Nigerian Muslims, others should be protected against Islamophobia – UN chief

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Gowon Praises Tinubu’s Leadership as APC Counters Opposition Poverty Claims

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Former military head of state, General Yakubu Gowon and President Bola Ahmed Tinubu
Former military head of state, General Yakubu Gowon and President Bola Ahmed Tinubu

Gowon Praises Tinubu’s Leadership as APC Counters Opposition Poverty Claims

Former military head of state, General Yakubu Gowon, has praised President Bola Tinubu for his performance across key sectors of governance, describing the administration’s efforts as broad and impactful. Gowon, who ruled Nigeria between 1966 and 1975, made the remarks after paying a courtesy visit to Tinubu at the Presidential Villa, Abuja.

Speaking to reporters, Gowon said: “I came to see him and to thank him for all the good works that he’s doing for the country. We have to look at all the good work that the President is doing and the progress that Nigeria is making economically and otherwise.” He added that Tinubu appears to be addressing national challenges “all round”, spanning political, economic, social, and security sectors.

On security, Gowon acknowledged the complexity of Nigeria’s situation but expressed confidence that the government is taking necessary steps to ensure the nation’s safety and stability. “The major problem that we have today, the security area, he’s doing everything to deal with those for the good of all Nigeria,” he said, emphasising that leadership requires balancing multiple priorities simultaneously.

Gowon also expressed optimism about the government’s handling of current national challenges, stating: “The government is handling it the best it can to ensure that Nigeria, in the end, achieves the peace that it deserves, that it requires and it deserves.” His endorsement reflects his standing as a respected elder statesman and a voice of national reconciliation.

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APC Fires Back at ADC Over Poverty Claims

On the same day, the All Progressives Congress (APC) responded to claims by the opposition African Democratic Congress (ADC) that Nigeria’s poverty rate had surged to 63 per cent, calling the assertions misleading. The ADC based its claims on an Agora Policy dialogue report, which indicated a rise from 49% to 63%.

APC National Publicity Secretary Felix Morka dismissed the opposition’s claims, describing them as ignorant of President Tinubu’s ongoing economic reforms. He defended the administration’s fuel subsidy removal and foreign exchange harmonisation, stating that these reforms were necessary to correct long-standing structural issues and curb corruption and border smuggling.

Morka acknowledged that the reforms had caused short-term hardship but emphasised positive economic indicators under Tinubu’s leadership. These include 4.4% economic growth in 2025, projected 5.5% expansion this fiscal year, foreign reserves surpassing $50 billion, declining inflation rates, and non-oil exports exceeding $6 billion. The APC also highlighted ongoing social protection initiatives, such as cash transfers, student loans, and Compressed Natural Gas (CNG) projects, aimed at cushioning citizens while strengthening household resilience.

The party accused the ADC of offering no tangible policy alternatives, asserting that Nigerians are too discerning to be swayed by empty opposition attacks.

Gowon’s endorsement and APC’s defense of Tinubu’s reforms underscore the administration’s efforts to navigate complex economic, security, and social challenges, while responding to criticisms from opposition parties.

Gowon Praises Tinubu’s Leadership as APC Counters Opposition Poverty Claims

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