Governors on EFCC watchlist surge over naira redesign as Chairman forcast dollar crash to N200

The Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa has disclosed that the Naira redesign introduced by the Federal Government has increased the number of governors on EFCC’s watchlist.

Bawa told reporters the agency was pleased with the redesign of the naira note as the policy would help the Central Bank of Nigeria control the monies in the system and by extension, enable more money for people to borrow.

The anti-graft agency boss disclosed this in an interview with Deutsche Welle Hausa service on Wednesday.

Mr Bawa added that “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 in 85 per cent of the money is in circulation, not in banks. When CBN came up with this redesigning, dollar moved to N880 and later dropped to N680 or thereabouts,” the EFCC chairman explained.

Bawa urged Nigerians to embrace the new policy, while also encouraging citizens to take advantage of the whistle-blower policy.

The Antigraft Commission chairman as well predicted that Nigeria’s currency redesign will firm up the naira to exchange for N200 for $1.

The naira has been in free fall, trading for about N900 to $1 recently, and presently trades between N680 and N700 to $1 in the black market.

But Bawa said, “With this redesigning, (the) dollar may massively fall, who knows, probably to N200.”

His comment may not be unconnected with the recent slight appreciation against the dollar at the Investors and Exporters window on Friday as it exchanged at N436.33k.

The rate represented a 0.04 per cent appreciation compared to the N436.50k for which the dollar was exchanged on Thursday.

The open indicative rate closed at N434.83k on the dollar on Thursday.

An exchange rate of N438 to the dollar was the highest rate recorded within the day’s trading before it settled at N436.33k.

The Naira sold for as low as N425 to the dollar within the day’s trading.

A total of 106.11 million dollars was traded at the official Investors and Exporters window on Friday.

In October, Godwin Emefiele, governor of the Central Bank of Nigeria, announced the decision to redesign, produce, and circulate new N100, N200, N500, and N1,000 banknotes, claiming over 80 per cent of the currency were hoarded.

The redesigned naira notes will be in circulation by December 15, while old notes will cease to be legal tender by January 31, 2023.