President Muhammadu Buhari has said the cashless policy and Naira swap by the Central Bank of Nigeria (CBN) have short and long-term benefits for the nation in dealing with insecurity and corruption.

Malam Garba Shehu, the president’s spokesman, in a statement, said Buhari disclosed this when he received a briefing from members of the House of Representatives Ad-hoc Committee on cashless policy and Naira swap at the State House in Abuja on Thursday.

He, however, agreed that the apex bank should take the recommendation of a parliamentary committee to rectify identified problems.

Shehu said Buhari’s comments came as the CBN Governor, Godwin Emefiele, gave him an assurance that N200 notes taken out of circulation would be moved back from today.

Buhari said his speech earlier on Thursday morning was comprehensive enough and was adequate as a response to the general outcry about the challenges associated with the currency exchange.

The President described the aim of the policy as “very good, security-wise”, as seen from the lessening of kidnappings and associated corrupt practices.

He again accused commercial banks of being a problem.

Emefie, as directed by the president, explained that the cashless policy was a global policy.

He said, “Nigeria must go cashless. It’s a global policy, checking insecurity and fighting corruption.”

Naira swap: Security, corruption at stake with new cash policy – Buhari insists

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