President Muhammadu Buhari said that the currency redesign policy of Central Bank of Nigeria, CBN, has helped minimized influence of money in politics ahead of the forthcoming election
The President who said this in his national broadcast in which he approved the reintroduction of old N200 note as legal tender alongside the new N200 note until April 10 on Thursday morning.
In the speech, the President said by helping to minimize the monetization of the political process, the policy has contributed to his legacy of ensuring that the forthcoming general election is free and fair.
The President said, “Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.
“This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.”
The President also said the Central Bank of Nigeria, CBN has been able to retrieve of about N2.1 trillion out of the banknotes outside the banking system.
He said the N2.1 trillion represents about 80% of the funds outside the banking system.
The other expected gains of the policy for the economy in the long and short terms as listed in the speech by the president include strengthening of our macroeconomic parameters and reduction of broad money supply.
Buhari said this will lead to a deceleration of the velocity of money in the economy which should result in less pressure on domestic prices
The President also added that the policy will lead to lowering of Inflation as a result of the accompanying decline in money supply and collapse of Illegal economic activities which would help to stem corruption and acquisition of money through illegal ways.
Other expected benefits of the policy as listed by Buhari include 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 among others.
credit: PM News
