The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has predicted that the dollar might tumble down to as low as ₦200 after the redesigning of naira.
Bawa stated this in an interview with Deutsche Welle (DW) Hausa service, saying President Muhammadu Buhari did well to approve the redesigning.
“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 per cent 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.”
The EFCC chair also noted that 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 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 5 percent of the money to them,” he added.