In a statement on Tuesday 22 August, Wale Edun, the Coordinating Minister for the Economy (CME) and Minister of Finance, announced the Federal Government’s intention to decrease the currency in circulation as a measure to tackle inflation.

According to Edun, this step is crucial in order to keep inflation at a desired and stable level. His comments were made during his role as the head of the Federation Account Allocation Committee (FAAC) meeting held in Abuja, just a day after being sworn in as a minister.

“There should be discipline in money supply to control inflation in the nation’s economy,” the minister told FAAC members.

By emphasing discipline in money supply, the CME Finance minister is referring to the need to carefully regulate the creation and circulation of money in the economy.

On the monetary side, it involves controlling the growth of money supply through various measures, such as adjusting interest rates, open market operations, or setting reserve requirements for banks