President Muhammadu Buhari has disclosed that so far, N2.1 trillion worth of old naira notes have been returned to banks.Information Guide Nigeria
He spoke in a televised nationwide address on Thursday.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaAccording to him, the figure represented 80 percent of cash outside the banking system before the implementation of the naira redesign policy.
THE CABLE reports that President Buhari said, “Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative,” Buhari said.
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“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”.NYSC portal
The president said that with the retrieval of N2.1 trillion, there are expectations that there would be a collapse of illegal economic activities in the country.
He further stated, “Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices.
“Lowering of inflation as a result of the accompanying decline in money supply that will slow the pace of inflation
“Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti- money laundering legislations.”JAMB Result
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