Naira Redesign I See USD Falling To ₦200 – EFCC Chair, Bawa

Following the recent announcement by the nation’s apex bank about the plans to redesign the Naira, the Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has stated that he is anticipating a drop in the value of United States dollars.

Bawa went on to express hope that the US dollar might drop to ₦200 following the naira’s redesign.

The EFCC boss made this disclosure while speaking in an interview with Deutsche Welle, Hausa service on Wednesday whcih was monitored by Africa Today News, New York.

He also used the opportunity to hail President Muhammadu Buhari for approving the redesigning of the naira.

Read Also: FCT Court Slams Jail Time On Bawa, EFCC Chairman

Bawa said the naira should be redesigned every eight years.

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 in 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.’

In the last few weeks, the naira has been falling against the world’s major currencies.

The naira staged a comeback, recording gains on the parallel market as it exchanged for about ₦730 to a dollar last week.

Africa Today News, New York recalls that last week, Bawa was sent to jail after an FCT High Court had convicted him and slammed some jail time on him for contempt of court.

The conviction had also come following the failure of the EFCC to comply with a court order which had asked it to return a Range Rover and the sum of ₦40 million to one of the applicants in a suit.

Africa Today News, New York

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