Naira redesign: US dollar value to drop to N200, according to EFCC chair Bawa

Abdulrasheed Bawa, the chairman of the Economic and Financial Crimes Commission (EFCC), has predicted a decline in the value of US dollars.

Bawa expressed optimism that if the naira was redesigned, the US dollar may fall below N200.

In an interview with Deutsche Welle’s Hausa station on Wednesday, the head of the EFCC revealed this.

He applauded President Muhammadu Buhari for giving his approval to the redesigned naira.

Bawa recommended redesigning the naira every eight years.

The law states that Naira notes should be redesigned every eight years, yet we went 20 years without doing so, the man claimed.

“As a result, 85% of the currency is not in banks but is instead in circulation; when the CBN proposed this redesign, the dollar went to N880 and eventually fell to N680 or roughly.

“As you can see, with this layout, the dollar might drastically drop, possibly below N200.”

The naira has been losing value recently when compared to the main currencies of the globe.

The naira made a return last week, earning gains on the black market as it traded for around N730 to the dollar.