With Naira overhaul, Dollar could drop to N200 – EFCC Chairman, Abdulrasheed Bawa

Economic and Financial Crimes Commission (EFCC) Chairman Abdulrasheed Bawa said the dollar could fall to 200? after the naira overhaul.

Bawa said this during an interview with the Hausa service of Deutsche Welle (DW).

“The law states that the redesign of Naira banknotes must be done every eight years, but we have gone 20 years without any change. And that resulted in 85% of the money in circulation and not in the banks, when CBN came up with this overhaul the dollar rose to 880 and then fell to 680 or thereabouts.

So you see, with this overhaul the dollar can drop massively, who knows probably down to 200? ” did he declare.

The EFCC chairman also said there was no political motive behind the idea and called on Nigerians to report anyone with embezzled money.

“There is no political motive in this; some people have embezzled and hidden public funds that’s why we want them to take them out and no one is saying they shouldn’t take them out what the government is saying is let them deposit that money in banks.

We assure Nigerians that we are always ready to receive reports of anyone with suspicious hidden money and if the investigation is true we will give them 5% of the money,” he said.

CBN Governor Godwin Emefiele announced on October 26 the overhaul of the N200, 500 and N1000 denominations. He said the new banknotes will be released on December 15 and the old designs will cease to be legal tender on January 31, 2023.