Naira redesign: Dollar may crash to ₦200 – EFCC

The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has said the dollar might drop to ₦200 after the redesigning of naira.

He said this in a recent interview with Deutsche Welle (DW) Hausa service.

According to him, “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.”