DOLLAR MIGHT DROP TO N200 AFTER THE REDESIGNING OF THE NAIRA - EFCC CHAIRMAN

Abdulrasheed Bawa

After the redesign of the Naira, the dollar could fall to N200, according to Abdulrasheed Bawa, chairman of the EFCC

The dollar could fall to N200 after the naira is redesigned, according to Abdulrasheed Bawa, chairman of the Economic and Financial Crimes Commission (EFCC).

In an interview with Deutsche Welle's (DW) Hausa service, Bawa made this claim.

"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 N200." he said

The EFCC chairman also said there is no any political motive behind the idea and called on Nigerians to report any person with siphoned monies.

"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" he said.

Godwin Emefiele, the governor of the Central Bank of Nigeria, announced the redesign of the N200, 500, and N1000 denominations on October 26. He stated that the previous notes' legal tender status will expire on January 31, 2023, and that the new notes would be released on December 15.