•••OFFERS FIVE PERCENT OF RECOVERED MONEY TO WHISTLE BLOWERS
The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has predicted that the Naira will appreciate greatly in value against the Dollar after the redesign of the Naira.
The EFCC Boss said that the Dollar may drop to N200 after the redesign.
The EFCC Boss stated this while speaking with with Deutsche Welle (DW) Hausa service.
Bawa commended President Muhammadu Buhari for granting approval to the Central Bank of Nigeria to redesign and reissue some denominations of the Naira.
According to him the Naira has not been redesigned in 20 years despite the stipulation of the law that it should be redesigned every eight years.
Bawa who ruled out political undertone in the exercise called on Nigerians report those with diverted public funds.
He offered five percent of any recovered money to anybody who gives useful information to the recovery of such stolen money.
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 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.”
“There is no political motive in this; some people siphoned and hid public funds that is why we want them to bring them out and nobody says they should not bring them, what government says is let them deposit such money in banks.
“We assure Nigerians that we are always ready to receive reports of any person with suspicious hidden money and if investigated to be true, we will give 5 per cent of the money to them,” he said .