Since the start of the naira redesign strategy instituted by the Central Bank of Nigeria, N2.1 trillion in banknotes kept outside the banking sector have been successfully reclaimed, according to the President, Major General Muhammadu Buhari (retd).
On Thursday, during a national broadcast to Nigerians, Buhari made this announcement.
According to reliable sources, since the program’s start, approximately N2.1 trillion worth of banknotes that were previously kept outside of the banking system have been successfully collected.
Old N500 And N1000 Notes No Longer Lawful Money – Buhari
“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,” he said.
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