The Nigerian leader, in a national broadcast, said he was aware of the setbacks of the policy, including the scarcity of the new naira notes.

Although the currency redesign policy of the Nigerian government is causing 'difficulties' for Nigerians, it is achieving its aim, President Muhammadu Buhari said Thursday.

The Nigerian leader, in a national broadcast, said he was aware of the setbacks of the policy, including the scarcity of the new naira notes, but it was achieving its set goals.

"Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative," he said.

Mr Buhari then listed what his government believes are the interim successes of the currency redesign policy.

"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," he said.

"I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics."

Details later...