Naira Redesign May Crash US Dollar To N200 – EFCC Chairman

The chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has said that the planned redesign of the nation’s currency may crash the United States Dollar (USD) to N200.00

The EFCC chairman, who stated this on a radio programme on Deutsche Welle (DW) Hausa Service, said the Naira will appreciate greatly in value against the Dollar after the redesign.

Bawa commended President Muhammadu Buhari for granting approval to the Central Bank of Nigeria (CBN) to redesign and reissue some denominations of the Naira currency.

According to him the Naira has not been redesigned in 20 years despite the stipulation of the law that it should be redesigned every eight years.

The EFCC chairman also ruled out political undertone in the exercise and called on Nigerians to report those with diverted public funds.

He offered five per cent of any recovered money to anybody who gives useful information to the recovery of such stolen money.

According to him, “The law says the redesigning of Naira notes should be done every eight years but we spent 20 years without any change on them.

“And that resulted to 85 per cent of money in circulation not in banks, when CBN came up with this redesigning, Dollar moved to N880 and later dropped to N680 or thereabouts.

“So you see with this redesigning, Dollar may massively fall, who knows probably to ₦200.

“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.