EFCC boss: US dollar to drop to N200 with naira redesign

Abdulrasheed Bawa

Abdulrasheed Bawa, chairman of the Economic and Financial Crimes Commission (EFCC), has predicted a decline in the value of the United States dollar.

Following the redesign of the naira, Bawa hoped that the dollar’s value would fall to N200.

In an interview that took place on Wednesday with the Hausa service of Deutsche Welle, the chairman of the EFCC revealed this information.

He praised President Muhammadu Buhari for his approval of the redesigned naira.

Bawa suggested that the naira be changed every eight years.

He added: “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.”

The naira has declined against the world’s major currencies in recent weeks.

The naira staged a return last week, exchanging for approximately N730 per dollar on the parallel market.