President Muhammadu Buhari has announced the amount of naira his administration has recovered since the Central Bank of Nigeria implemented the currency redesign programme (CBN).
Since the beginning of the CBN’s cash policy, over N2.1 trillion in banknotes kept outside the banking system have been successfully retrieved, according to Buhari.
This was declared by the President during a countrywide broadcast to Nigerians on Thursday morning.
Why Naira Notes Were Redesigned – President Buhari
Buhari said: “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.”
He added, “This represents about 80% of such funds. In short to medium and long terms, therefore, it’s expected that there would be:
“Lowering of Inflation as a result of the accompanying decline in the money supply that will slow the pace of inflation, the collapse of Illegal economic activities which would help to stem corruption and acquisition of money through illegal ways, Exchange Rate stability, availability of easy loans and lowering of interest rates.”
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