The dollar could fall to N200 after the naira redesign,  according to Abdulrasheed Bawa, chairman of the Economic and Financial Crimes Commission (EFCC).

In an interview with Deutsche Welle’s (DW) Hausa service, Bawa made this claim.

The law states that Naira notes should be redesigned every eight years, yet we went 20 years without doing so. And as a result, when the CBN proposed this naira redesign, the dollar went to 880 and eventually fell to 680 or approximately, with 85% of the total amount of money not in banks.

He said:

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

The EFCC chair further said that the plan had no political motivation and urged Nigerians to report anyone found in possession of money that had been stolen off.

There is no political motivation behind this; some individuals siphoned and concealed public funds, which is why we want them to reveal them. Nobody is saying they shouldn’t disclose them; rather, the government is urging them to deposit the funds 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 5 per cent of the money to them” he said

The CBN governor, Godwin Emefiele, on October 26, announced the redesigning of the N200, 500 and N1000 denominations. He said the new notes will be released on December 15 and that the old designs will cease being legal tenders on January 31, 2023.

We reassure Nigerians that we are constantly available to accept allegations of any person with allegedly concealed money, and if those reports are shown to be accurate, we would give them 5% of the proceeds, he said.

Godwin Emefiele, the governor of the Central Bank of Nigeria, announced the redesign of the N200, 500, and N1000 denominations on October 26. He stated that the previous notes’ legal tender status will expire on January 31, 2023, and that the new notes would be released on December 15.