EFCC chairman, Abdulrasheed Bawa says Naira redesign may drop dollar to N200
Abdulrasheed Bawa, the chairman of the Economic and Financial Crimes Commission (EFCC), has predicted a decline in the value of US dollars.
Bawa expressed optimism that if the naira was redesigned, the US dollar may fall to N200.
In an interview with Deutsche Welle's Hausa station on Wednesday, the head of the EFCC revealed this.
He applauded President Muhammadu Buhari for giving his approval to the redesigned naira.
Bawa recommended redesigning the naira 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 N880 and later dropped to N680 or thereabouts.
“So you see with this redesigning, dollar may massively fall, who knows probably to N200.â€
The naira made a comeback last week, earning gains on the black market as it traded for around N730 to the dollar.
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