President of Nigeria Muhammadu Buhari has revealed that from the start of the Central Bank of Nigeria's currency redesign program, N2.1 trillion worth of banknotes kept outside the banking industry have been successfully reclaimed.
On Thursday, during a national broadcast to Nigerians, Buhari made this announcement.
According to him, "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.
The President also said, only old 200 naira notes is acceptable till 10th of April, 2023. 500 naira notes and 1000 naira notes will not be accepted
"To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender," he said.
Disclaimer: Comments and opinions on any part of this website are the opinions of blog commenters or anonymous individuals, and do not reflect Strenuousblog.com's position.