The redesign of naira notes, according to Abdulrasheed Bawa, head of the Economic and Financial Crimes Commission (EFCC), may cause the dollar to drop below N200.
President Muhammadu Buhari was praised by Bawa for supporting the naira redesign policy. The dollar went to 880 when CBN proposed this layout, then fell to 680 or approximately.
Bawa also denied allegations made in certain quarters that the action was intended to weaken Nigeria’s opposition parties in advance of the next elections in 2023.
The head of the EFCC asked Nigerians to alert the agency about anyone with undisclosed funds and pledged a 5% incentive for tippers.