Naira redesign: 2.1trn hoarded banknotes retrieved - Buhari

President Muhammadu Buhari has revealed the amount of naira his administration has retrieved since the commencement of the naira redesign policy by the Central Bank of Nigeria (CBN).

According to Buhari, about N2.1 trillion out of the banknotes initially held outside the banking system had been successfully retrieved since the start of the CBN's cash policy.

The President stated this on Thursday morning during a nationwide broadcast to Nigerians.

Buhari said:

"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."

He added,

"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."