President Muhammadu Buhari said that the non-monetary policy and exchange of naira by the Central Bank of Nigeria (CBN) has short and long term benefits for the nation in dealing with insecurity and corruption.
President’s spokesperson Mallam Garba Shekhu, in a statement, said Buhari made the disclosure when he received a briefing from members of the House Ad Hoc Committee on Non-Monetary Policy and Naira Swap at the State House in Abuja on Thursday.
However, he agreed that the main bank should take a parliamentary committee’s recommendation to rectify the problems identified.
Shehu said Buhari’s comments came as the governor of CBN, Godwin Emfiele, gave him assurance that the N200 banknotes that had been taken out of circulation would be returned from today.
Buhari said his speech earlier Thursday morning was comprehensive enough and was sufficient as a response to the public outcry over currency exchange challenges.
The president described the goal of the policy as “very good and from a security point of view,” as evidenced by the reduction of kidnappings and associated corrupt practices.
He again accused commercial banks of being a problem.
Emefie explained, as directed by the President, that no criticism is a global policy.
He said, “Nigeria should go without money. It is a global policy that checks insecurity and fights corruption.”
Naira swap: security and corruption at stake with new monetary policy – insists Bukhari
