Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has said the dollar might drop to ₦200 after Naira’s redesign.
In an interview with the Hausa service of Deutsche Welle (DW), Bawa claimed that President Muhammadu Buhari did well to approve the change.
He said, “The law says the redesigning of Naira notes should be done every eight years but we spent 20 years without any changes. And that resulted in 85 per cent of 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 chair also said there is no political motive behind the idea and called on Nigerians to report any person with siphoned monies.
“As a result of this makeover, the value of the dollar may decrease dramatically, possibly to #200.”
The head of the EFCC also stated that there is no political motivation behind the plan, and he urged Nigerians to report anyone with stolen funds.