Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has predicted that the dollar might exchange for N200 after the Naira redesigning.
Bawa made the prediction during an interview with Deutsche Welle (DW) Hausa service, commending President Muhammadu Buhari for approving the project.
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 N200.”
Bawa ruled out political motive behind the project, urging Nigerians to report any person suspected to have siphoned public money.
“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.