Dollar Could Crash To N200 With Naira Redesign, Says EFCC Chairman

The redesign of the Naira, according to Economic and Financial Crimes Commission (EFCC) Chairman Abdulrasheed Bawa, could cause the dollar to crash to N200.

In an interview with Deutsche Welle’s (DW) Hausa service, Bawa made this claim.

The law states that Naira notes should be redesigned every eight years, but we went 20 years without doing so. And as a result, when the CBN proposed this redesign, the dollar moved to 880 and later fell to 680 or thereabouts, with 85% of the total amount of money not in banks.

You can see how this redesigning may cause the dollar to drop significantly, possibly to 200,” he said.

The EFCC chair further claimed that the plan had no political motivation and urged Nigerians to report anyone found in possession of money that had been siphoned off.

“There is no political motivation behind this; some individuals siphoned and concealed public funds, which is why we want them to reveal them. Nobody is saying they shouldn’t disclose them; rather, the government is urging them to deposit the funds in banks.

We reassure Nigerians that we are constantly available to receive reports of any person with allegedly hidden money, and if confirmed, we will pay them 5% of the proceeds. He spoke

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 old notes’ legal tender status would expire on January 31, 2023, and that the new notes would be released on December 15.