Naira redesign may cause Dollar to fall to N200 – EFCC Chairman reveals

The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has predicted that the CBN’s naira redesign will lead to 1 dollar exchanging for 200 Naira.

This was made known by the chairman during an interview with
Deutsche Welle (DW) Hausa service.

Bawa said that President Muhammadu Buhari made the right decison and that it was also required by law.

He further noted that the EFCC was always ready to entertain reports of individuals returning suspiciously large sums of money.

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He added that the new policy was not politically driven.

He said:

“The law says the redesigning of Naira notes should be done every eight years but we spent 20 years without any changes on them. And that resulted to 85 per cent of money are in circulation not in banks, when CBN came up with this redesigning, dollar moved to 880 and later dropped to 680 or thereabouts.
“So you see with this redesigning dollar may massively fall, who knows probably to ₦200. There is no political motive in this; some people siphoned and hid public funds that is why we want them to bring them out and nobody says they should not bring them, what government says is let them deposit such money in banks. We assure Nigerians that we are always ready to receive reports of any person with suspicious hidden money and if investigated to be true, we will give 5 per cent of the money to them,”.

This is coming after the EFFC chairman’s detention was ordered by a court for contempt. The order is still yet to be enforced.