“Dollar may exchange for N200 after redesigning” – EFCC chairman, Abdulrasheed Bawa.

The Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has stated that the dollar might crash following the naira redesign.

During his interview with Deutsche Welle (DW) Hausa service, Bawa revealed that changing the naira note could cause the dollar to fall and exchange for ₦200.

In his words;

“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. So you see with this redesigning dollar may massively fall, who knows probably to ₦200″

The EFCC head further said that the plan had no political motivation and urged Nigerians to report anyone with siphoned money.

“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 said

Recall, Godwin Emefiele, the governor of the Central Bank of Nigeria, announced the redesign of the N200, 500, and N1000 denominations on October 26. He stated that the previous notes’ legal tender status will expire on January 31, 2023, and that the new notes would be released on December 15.