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Naira: Dollar Could Drop To N200 On Exchange Market After Redesign – EFCC
EFCC has stated that Naira could rise massively against the Dollar after the currency redesign.
EKO HOT BLOG reports the Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa has said that the naira might appreciate massively against the dollar in the coming weeks.
Bawa, during an interview with Deutsche Welle (DW) Hausa service, said the dollar might crash after the redesign of the Naira.
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He opined that President Muhammadu Buhari made the right decision in deciding 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 in 85 percent of the money 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.
“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.
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“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 percent of the money to them,” he added.
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