New Naira: 2.1trn Hoarded Banknotes Have Been Retrieved – Buhari

President Muhammadu Buhari
 

President Muhammadu Buhari has disclosed that since the Central Bank of Nigeria introduced the naira design policy, N2.1 trillion held outside the banking sector, has been successfully retrieved.

Buhari disclosed this on Thursday during a national broadcast to Nigerians.

“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.

“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.