The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa said the dollar might drop to N200 after the proposed redesigning of naira.
Abdulrasheed Bawa Speaks On Proposed Redesigning Of Naira
The EFCC chairman, who spoke 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 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.
Bawa said, “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.
“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” he added.
KanyiDailt recalls that CBN Governor, Godwin Emefiele said that the apex bank would redesign Nigeria’s currency from N200 naira denomination to 1,000 naira notes from December 15.