NigeriaDollar To Exchange For N200 - EFCC Chairman Predicts

Dollar To Exchange For N200 – EFCC Chairman Predicts

-

- Advertisment -spot_img
JUMIA ANNIVERSARY

The Economic Financial Crimes Commission (EFCC) chairman, Abdulrasheed Bawa, has predicted that Nigeria’s currency redesign will help the naira to exchange for N200 for $1.

The naira presently trades between N680 and N700 to $1 in the black market.

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

FREE DELIVERY

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 money are 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.

It would be recalled that 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.

Read Also: Woman Assaults, Bites Off Female Officer’s Flesh In FCT

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

newswebbs
newswebbshttps://newswebbs.com
New Webbs is an independent online news platform launched with the aim of connecting the world with the latest news on the web.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

SUNU Health Reiterates Commitment To Human Health, Wellbeing

Lagos, Nigeria - Dr Faith Nwachi, Chief Operating Officer, SUNU Health Maintenance Organisation (HMO), has reiterated the organisation’s commitment to...

In Entrepreneurship, Agility is the Name of the Game – Seleem Adegunwa

Lagos, Nigeria - In his drive to inspire future entrepreneurs that would make significant growth to the nation’s economy...

Entrepreneurs.ng Initiates ‘Complify’ To Simplify Tax Compliance

Lagos, Nigeria - Entrepreneurs.ng, under the leadership of Florence Chikezie, has announced the launch of a new service called...

More Than 80 Passengers Killed In Congo Boat Accident

DRC - A boat carrying 270 passengers has capsized on a river near Congo's capital of Kinshasa, leaving more than...
- Advertisement -spot_imgspot_img

Police Nab Kidnappers Who Murder Six-year-old Boy For Food

Taraba, Nigeria - The operatives of Adamawa State Police Command have arrested two suspected male Kidnapers for the killing...

Bigi-Sponsored Nigerian Idol Bids Farewell To Jennifer After Powerful Performance

Lagos, Nigeria - A beloved contestant, Jennifer, known for her powerful vocals, left the Bigi-sponsored Nigerian Idol stage with...

Must read

In Entrepreneurship, Agility is the Name of the Game – Seleem Adegunwa

Lagos, Nigeria - In his drive to inspire future...

Rite Foods’ Chairman, Adegunwa Becomes Asiwaju Of Ijebu

Lagos, Nigeria - According to a report published in...
- Advertisement -spot_imgspot_img

You might also likeRELATED
Recommended to you

MEN'S FASHION
DEFACTO OFFICIAL STORE