Abdulrasheed Bawa, Chairman of the Economic and Financial Crimes Commission (EFCC), has stated that the dollar could fall to N200 after the Central Bank of Nigeria (CBN) implements the naira redesign.
This was stated by the head of the anti-graft agency in a recent interview with Deutsche Welle’s Hausa service.
Bawa 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.”
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EFCC opens investigation on governors who hid billions of naira
Meanwhile, he previously stated that the commission is investigating some state governors who hid billions of naira in various houses.
According to SaharaReporters, the EFCC Chairman, Abdulrasheed Bawa, stated this in an interview with Daily Trust on Thursday, November 3.
This follows the Central Bank of Nigeria’s (CBN) recent announcement to redesign some naira notes.
Bawa stated that the governors intend to pay salaries with the stashed cash to launder the money.
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The chairman also stated that the anti-graft agency’s recent raids on Bureau De Change operators in various parts of the country would continue until new naira notes were issued.
According to Bawa, the state governors’ decision to launder the stashed money through cash salary payments violates Section 2 of the Money Laundering Prohibition Act.
He emphasized that any cash transaction worth more than five million naira is illegal.
