February 16, (THEWILL) – President Muhamamdu Buhari on Thursday, urged Nigerians to support the new monetary policy of the Central Bank of Nigeria (CBN).
In a nationwide broadcast to citizens on Thursday, the President said the new cash policy and the redesign of naira notes have afforded the country some gains.
According to the President, feedback mechanism put in place at the inception of the currency redesign policy, revealed the successes recorded.
“Fellow citizens, while I seek your understanding and patience during this transient phase of implementation, I feel obliged to avail you a few critical points underpinning the policy decision.
“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 macroeconomic 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”, the President explained.
President Buhari listed other gains of the new policy to include exchange Rate stability, availability of easy loans and lowering of interest rates as well as greater visibility and transparency “of our financial actions translating to efficient enforcement of our anti- money laundering legislations.”
He, however, noted with dismay, the sharp practices embarked upon by some bank officials, thus frustrating the policy, saying that they will not go unpunished.
“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 amounts 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
“I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time”, he said.
