Following the decision of the Central Bank of Nigeria to redesign the Naira, the Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has said the dollar might drop to ₦200.
Bawa stated this while speaking during an interview with Deutsche Welle Hausa service, according to Daily Trust
The anti-graft agency boss also commended the President, Major General Muhammadu Buhari (retd.), for approving the redesigning.
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.”
The EFCC chair further claimed that the plan had no political motivation and urged Nigerians to report anyone found in possession of money that had been siphoned off.
“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 added.
