EFCC chair: $1 could exchange for N200 after redesign

The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, says the dollar could fall massively to about N200 after the redesign of naira.

Bawa said the decision of President Muhammadu Buhari to redesign the naira was well thought and could help to stabilise the currency.

The EFCC chairman while speaking in an interview with German radio, Deutsche Welle (DW) Hausa service, on Wednesday.

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.

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“So you see with this redesigning dollar may massively fall, who knows probably to N200.”

Bawa further stated that the decision of the Central Bank of Nigeria (CBN) to redesign the naira was not politically motivated.

“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,” the EFCC boss said.

The Star