The EFCC chairman said: “So you see with this redesigning dollar may massively fall, who knows probably to ₦200.”
By Ishaya Ibrahim
The Naira may rebound to N200 to a dollar, the rate it was when President Muhammadu Buhari took over power in 2015, says the chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa.
The Naira has suffered volatility at the parallel market after the announcement by the CBN to redesign the bigger denominations of N1000, N500 and N200. Within a space of two weeks, it jumped to N900 to a dollar and drooped to N680. It is currently exchanging at about N710 at the parallel market.
The EFCC chairman is upbeat that the Naira might further gain significantly by exchanging at N200 to a dollar.
The EFCC chairman stated this in an interview with Deutsche Welle (DW) Hausa service, saying President Muhammadu Buhari did well to approve the redesigning.
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 ₦200.”
The EFCC chair also said there is no any political motive behind the idea and called on Nigerians to report any person with siphoned monies.
“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.