New naira: 2.1trn hoarded banknotes have been retrieved – Buhari

The President, Major General Muhammadu Buhari (retd), has disclosed that out of the banknotes held outside the banking sector, N2.1 trillion had been successfully retrieved since the beginning of the naira redesign policy introduced by the Central Bank of Nigeria.

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.