The chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has forecast a drop in the value of the US dollar.
Bawa anticipated that after the naira's makeover, the dollar will be worth N200.
The EFCC chairman disclosed this knowledge in an interview he gave to Deutsche Welle's Hausa station on Wednesday.
He commended President Buhari for approving the new naira.
Bawa proposed changing the naira every eight years.
He added: “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.
“So you see with this redesigning, the dollar may massively fall, who knows probably to N200.”
The naira has declined against the world’s major currencies in recent weeks.
The naira staged a return last week, exchanging for approximately N730 per dollar on the parallel market.