How Naira Will Exchange For N200 Per Dollar After Redesign, Says EFCC Chairman
- EFCC Chairman, Abdulrasheed Bawa has predicted that the naira will exchange for N200 to a dollar soon
- According to Bawa, the current move by the Central Bank of Nigeria to redesign the Naira will crash the dollar
- He said a lot of the money in circulation was not in the banks which prompted the new move by the CBN
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The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa has said the naira will exchange for N200 to a dollar when the Central Bank of Nigeria (CBN) is done redesigning the local currency.
As per TheCable, Bawa disclosed this in an interview with the Hausa service of Deutsche Welle, the German broadcaster on Wednesday, November 16, 2022.
Source: UGC
Delay by CBN has caused money laundering
The EFCC boss applauded President Muhammadu Buhari for giving his consent for the naira redesign.
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Bawa said the delay in not redesigning the naira periodically as stated by law has given rise to a large chunk of the currency circulating outside the banking system.
He said:
“And that resulted in 85 per cent of the money in circulation, not in banks. When CBN came up with this redesigning, the dollar moved to 880 and later dropped to 680 or thereabouts.
“So, you see with this redesigning, the dollar may massively fall, who knows probably to ₦200.”
The EFCC helmsman disagreed with the claims that the move was to punish the opposition in Nigeria as the 2023 election draws near.
Political motives behind naira redesign
He said the move lacks political motives and that some people have moved and hidden public funds outside bank vaults.
“And nobody says they should not bring them, what the government says is let them deposit such money in banks,” he said.
Bawa asked Nigerians to report anyone with money hidden anywhere other than the banks and promised a 5 per cent reward to whistleblowers.
The EFFC had on Tuesday, November 15, 2022, arrested a currency speculator, Mustapha Muhammed, also known as Mustapha Naira over currency speculation.
EFCC arrested Muhammed at s popular parallel market in Abuja with the Commission saying the arrest was part of its ongoing operation to sanitise the foreign exchange sector and rid it of speculators and all shades of economic saboteurs.
New Naira Notes: CBN asks Banks to accept cash deposits above N500,000
Recall that Legit.ng reported that in its ongoing efforts to ensure full compliance with the deadline for the naira redesign, the Central Bank of Nigeria has directed Deposit Money Banks (DMBs) to accept cash deposits above its cashless policy level.
CBN’s Director of Corporate Communications, Osita Nwanisobi stated this on Thursday, November 10, 2022, at the ongoing 2022 Lagos International Trade Fair.
Nwanisobi said banks have been asked to return existing naira notes to the apex bank immediately and instructed to accept cash deposits above the cashless policy threshold without charges.
Source: Legit.ng
