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Naira Redesign: USD will drop to N200 – EFCC Chair, Bawa

The head of the Economic and Financial Crimes Commission, Abdirashid Bawa, predicted a decline in the value of the United States dollars.

Bawa hoped that the US dollar would drop to N200 after the redesign of the naira.

The EFCC chief revealed this in an interview with Deutsche Welle, Hausa Service on Wednesday.

He commended President Muhammadu Buhari for agreeing to redesign the naira.

Bawa said the naira should be redesigned every eight years.

He said, “The law stipulates that Naira notes be redesigned every eight years, but we have spent 20 years without any changes to them.

This resulted in 85 percent of the money being in circulation, not in banks; When CBN came up with this redesign the dollar moved up to the N880 and later down to the N680 or thereabouts.

“So you see with this redesign the dollar could go down significantly, who knows probably N200.”

In the past few weeks, the naira has fallen against the world’s major currencies.

The naira currency has made a comeback, posting gains in the parallel market as it traded for around N730 per dollar last week.

Naira Redesign: USD will drop to N200 – EFCC Chair, Bawa

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