Dollar may exchange for N200 after redesigning

Abdulrasheed Bawa, the Chairman of the Economic and Financial Crimes Commission has said the dollar might crash N 200 following its redesign.

Bawa made this revelation in a recent interview with Deutsche Welle (DW) Hausa service.

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 ₦200″

The EFCC chair also said there is no any political motive behind the idea and called on Nigerians to report any person with siphoned monies.