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EFCC chairman, Bawa, predicts crash in exchange rate to N200/$ after redesign of Naira

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The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, on Wednesday predicted that the planned redesign of the Naira would bring down the currency exchange rate to N200/$.

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, had last month announced the planned rollout of new N200, N500, and N1000 notes in December.

Bawa, who spoke during an interview with Deutsche Welle (DW) Hausa service, projected that the naira would gain strongly against the dollar, with the exchange rate depreciating from the current N446.67/$1 in the official market.

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However, the exchange rate in the black market stood at N800/$.

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.

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“This ensures that 85 percent of the funds in circulation are not in banks. When the CBN came up with this redesigning, dollar moved to N880 and later dropped to N680 or thereabouts.

“So you see with this redesigning, the dollar may massively fall, who knows probably to N200.”

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He also dismissed the insinuations that the redesign of the Naira was politically motivated.

“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 percent of the money to them,” Bawa added.

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