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Monday, June 17, 2024

Naira Redesign: ‘Gains have emerged from policy initiative’ – Buhari

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President Muhammadu Buhari has said that despite challenges faced by Nigerians, remarkable gains have emerged from the Naira redesign policy initiative’ of his administration.

Buhari made the statement while addressing Nigerians on the challenges and the expected gains of the policy in a national broadcast on Thursday.

According to him, “Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative.

“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 the short to medium and long terms, therefore, it is expected that there would be:

“A strengthening of our macro economic parameters;

b. 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;

c. Lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation;

d. Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways;

e. Exchange Rate stability;

f. Availability of Easy Loans and lowering of interest rates; and

g. Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti- money laundering legislations.”

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