85 percent of money not in banks, Naira redesign may crash Dollar to N200: EFCC Chair

*Abdulrasheed Bawa, Chairman of the Economic and Financial Crimes Commission, declares there is no political motive behind the Naira redesign idea, but urges Nigerians to report any person with ‘siphoned monies’ to the authorities

Alexander Davis | ConsumerConnect

Against the backdrop of the Central Bank of Nigeria’s Naira redesign project, Mr. Abdulrasheed Bawa, Chairman of the Economic and Financial Crimes Commission (EFCC), has said the US Dollar may crash to N200 after the redesign.

Bawa said this during an interview with the Hausa Service of German-owned international broadcaster, Deutsche Welle (DW), according to report.

The Chairman of EFCC also commended Nigerian President Muhammadu Buhari, having done “well to approve the redesigning.”

Bawa stated: “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 percent of money being in circulation and not in banks.”

He further noted: “When CBN came up with this redesigning, Dollar moved to 880, and later dropped to 680 or thereabout.

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

Naira redesign has no political motive: Bawa

On insinuations of possible political undertone for the Naira redesign project, the EFCC Chief declared that there is no any political motive behind the idea.

He rather urged Nigerians to report any person with siphoned monies in the country’s economy.

He said: “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.”

Bawa noted: “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 five percent of the money to them.”

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