President Buhari Speaks On Benefits Of Naira Swap

By Ayodele Oni

Despite hardship being experienced by Nigerians over the naira Redesign, President Mohammadu Buhari has said the policy is beneficial to the nation.

The President, in an early morning broadcast explained that “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; 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.

“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; and

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

On hardship being experienced President Buhari stated that ” I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy.

“I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.

“To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens  are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.

“​I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.”