Naira Redesign Should Be Every Eight Years, Dollar May Plunge To N200 — EFCC Chairman

The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa has commended the decision to redesign Nigeria's naira notes.

Speaking in an interview with Deutsche Welle (DW) Hausa service, Bawa stated that the dollar might plunge to N200 with the decision of the Central Bank of Nigeria (CBN).

“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 being 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", he said.

Bawa added that there is no political motive behind the idea and urged citizens to report any person involved in 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."