Naira Redesign: We Have Recovered N2.1 Trillion Into Banking System – Buhari

President Muhammadu Buhari has disclosed how much naira his administration has recovered since the Central Bank of Nigeria’s implementation of its Naira redesign program (CBN).

According to Buhari, since the CBN’s cash policy began, around N2.1 trillion of the banknotes that were initially kept outside the banking system have been successfully collected.

Approximately N2.1 trillion of the banknotes previously stored outside the banking system have been successfully retrieved since the program’s start.

“This represents around 80% of such funds,” he continued. Therefore, in the short, medium, and long terms, it is anticipated that:

“Lowering of inflation as a result of the concurrent decline in money supply that will slow the pace of inflation, the collapse of Illegal Economic Activities that would help to stem corruption and the acquisition of money through illegal means, Exchange Rate Stability, availability of Easy Loans and lowering of interest rates.”

Meanwhile, besides the N1.2 trillion recovered from outside the banking system since the advent of the naira redesign policy, President Buhari said he had approved the reintroduction of old N200 note as legal tender alongside the new N200 note until April 10. The president, who gave the approval in a nationwide broadcast on Thursday in Abuja, said the approval was necessitated by the need to cushion the hardship being experienced by citizens following the implementation of the new monetary policy of the Central Bank of Nigeria (CBN).

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