Dollar May Crash To N200 With Naira Redesign

Inflation

EFCC Boss has made a very positive statement about the Dollar crash especially after Naira redesign

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The dollar might fall below 200 pounds when the naira is redesigned, 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, but we went 20 years without doing so. 

And as a result, when the CBN proposed this redesign, the dollar went to 880 and eventually fell to 680 or approximately, with 85% of the total amount of money not in banks.

You can see how this revamping may cause the dollar to drop significantly, maybe below 200, he added.

The EFCC chief also 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; certain individuals stole and concealed public monies, 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 cash in banks.

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

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 replacement notes would be distributed on December 15.

AdeyemiUrban

Nigerian Analytic Journalist, Tech Enthusiast, Food Business Owner, Learner, Giver, Teacher

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