Naira Redesign May Crash Dollar To N200 – EFCC Chairman
Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has said that the redesigning of the naira may crash dollar to N200.00
The EFCC chairman, who stated this in a radio programme, Deutsche Welle (DW) Hausa service, said Naira will appreciate greatly in value against the dollar after the redesign.
Bawa President
Buhari commended Muhammadu for granting approval to the Central Bank of Nigeria to redesign and reissue some denominations of the naira.
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 for 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 changes on them.
"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 N200.
“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 the 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 five per cent of the money to them."