The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa has revealed that the naira might appreciate massively against the dollar after the planned naira redesign by the Central Bank of Nigeria (CBN).
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According to Bawa, during an interview with Deutsche Welle (DW) Hausa service, said the dollar might crash after the redesign of the Naira.
He insisted that Federal Government made the right decision over it decision to redesign the naira.
He 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.”
The EFCC boss also said that there is no political agenda behind the idea and urged Nigerian’s to report anyone caught with siphoned funds.
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“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, 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 5 per cent of the money to them,” he added.
