EFCC chairman: Naira redesign may crash dollar to N200

The Economic and Financial Crimes Commission (EFCC) chairman, Abdulrasheed Bawa, believes the dollar will fall to N200 following the redesign of naira notes.Information Guide Nigeria

Bawa stated this in a Wednesday interview with Deutsche Welle’s Hausa service.

On October 26, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, revealed plans to redesign the N200, N500, and N1,000 denominations of the country’s currency in order to manage money supply and assist security agencies in combating illicit financial flows.

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Bawa congratulated President Muhammadu Buhari on his approval of the naira redesign proposal.

“The law says the redesigning of naira notes should be done every eight years but we spent 20 years without any changes on them,” Bawa said.

“And that resulted in 85 percent of money in circulation, not in banks. When CBN came up with this redesigning, the 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.”

Bawa also denied reports that the action was intended to destroy opposition groups in Nigeria ahead of the 2023 general elections.

“Is it only the opposition that votes during elections? Everybody votes during elections, and there is no political motive behind this; some people siphoned and hid public funds that is why we want them to bring them out,” he said.

“And nobody says they should not bring them, what the government says is let them deposit such money in banks.”

The EFCC boss urged Nigerians to disclose anyone with concealed money to the commission, and he also guaranteed whistleblowers a 5% incentive.

“We assure Nigerians that we are always ready to receive reports of any person with suspicious hidden money, and if investigated and found to be true, we will give 5 percent of the money to them,” Bawa said.

Meanwhile, the EFCC recently arrested an alleged currency speculator in Abuja as part of its continuing campaign to clean up the foreign exchange industry.JAMB Result

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