Naira redesign to reduce influence of money on 2023 poll – Buhari
President Muhammadu Buhari has revealed that part of the rationale for the naira redesign policy is to reduce the influence of money in Nigerian politics.
As part of his national broadcast on Thursday, President Buhari said he was “aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.”
To him, Buhari said the ddevelopment “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.”
He urged Nigerians to vote “candidates of choice without fear, because security shall be provided and your vote shall count.”
Further on the policy, Buhari explained, “The need to restore the statutory ability of the CBN to keep a firm control over money in circulation.
“In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4trillion.
“The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation.
“The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth.”