• Business - Banking & Finance
  • Updated: February 16, 2023

President Buhari Says N2 Trillion Hoarded Bank Notes Have Been Retrieved 

President Buhari Says N2 Trillion Hoarded Bank Notes Have Be

Nigeria's President, Major General Muhammadu Buhari (rtd) has revealed that N2.1 trillion has been successfully retrieved from the banknotes held outside the banking sector since the introduction of the naira redesign policy by the Central Bank of Nigeria.

The President made the disclosure during a national broadcast to Nigerians on Thursday. 

“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 a 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.

This is a welcome development considering that huge sums of money have been stashed away by unscrupulous citizens resulting in high rates of inflation and foreign exchange summersaults to mention but a few. 

If the achievement is sustained, it is believed that it won't be long before the positive impacts are recorded in the country's macroeconomic dynamics and fiscal discipline.

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