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Naira Redesign: President Buhari Reveals Amount Of Hoarded Bank Notes CBN Has Recovered

Posted by Thandiubani on Thu 16th Feb, 2023 - tori.ng

The President stated this on Thursday morning during a nationwide broadcast to Nigerians.

The Central Bank of Nigeria has retrieved a staggering N2.1 trillion banknotes since it announced FG's currency redesign policy.

President Muhammadu Buhari made this possible on Thursday morning during a nationwide broadcast to Nigerians.

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.”