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Naira Redesign: Over 2.1trn Hoarded Naira Notes Retrieved – Buhari



President Muhammadu Buhari has said that ever since the start of the naira redesign policy of the CBN, over N2.1trillion hoarded naira notes have been returned back to the CBN.

President Buhari made this announcement on Thursday in his nationwide broadcast.

According to the President,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.

Read More:El Rufai Dares Buhari Says All Old Naira Notes Remains Valid In Kaduna State.

“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.

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