Dollar may crash to ₦200 when New Naira Notes are released- EFCC Boss

Nigeria’s foremost antigraft agency, the Economic and Financial Crimes Commission has said the dollar may fall even further down to 200 Naira after the new Naira notes are released.

This was disclosed by the Commission’s Chairman, Abdulrasheed Bawa when he answered questions at an interview with Deutsche Welle (DW) Hausa service, commending President Muhammadu Buhari for approving 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.

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

“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.

At the moment, $1 is equal to ₦442.

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