Politics
Dollar may crash to N200 after Naira redesign – EFCC Chairman assures
- EFCC chairman has predicted dollar to fall to #200 naira
- Bawa lamented that the law says the redesigning of Naira notes should be done every eight years but we spent 20 years without any changes
Abdulrasheed Bawa, the chairman of the Economic and Financial Crimes Commission (EFCC) said the dollar could fall to 200 after the naira redesigned
This was revealed by Bawa in an interview with the Hausa service of Deutsche Welle (DW), who also noted that President Muhammadu Buhari did well by approving the makeover.
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 in 85 percent of the money being 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 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 are 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 percent of the money to them,” he added.
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