The President of the Federal Republic of Nigeria, President Muhammadu Buhari has revealed the 5 Main Reasons While the Naira was redesigned and why the new policy was instituted by the Central Bank of Nigeria.
The President, while speaking during a nationwide broadcast, sympathized with Nigerians over the difficulties that was faced over the new naira policy. He said that earlier last year, he told the Central Bank of Nigeria to redesigned the 200, 500 and 1000 naira and the new notes will be circulated together with the old note till the 31st of January. He said that a 10 days grace was later given.
On his reason for giving such directives to the Central Bank of Nigeria, President Muhammadu Buhari said that he told them to carryout the exercise for the following reasons:
1. For the need to restore the statutory control over money by the Central Bank of Nigeria.
2. To Stern Inflation
3. For Economic Growth
4. To Curb Corruption
5. To combat Banditry and Ransom Taking.
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