Ex-CBN Director: Emefiele Redesign of Naira Not Approved
The trial of the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, proceeded with testimony from a former Director of Operations at the apex bank, Ahmed Umar, who informed the court that the naira redesign initiated by Emefiele in late 2022 did not receive approval from the Committee of Governors.
The Economic and Financial Crimes Commission (EFCC) had charged Emefiele before Justice Maryanne Anenih of the Federal Capital Territory High Court for alleged unlawful redesign and printing of new naira notes.
The EFCC alleged that Emefiele carried out the naira redesign policy without the approval of the CBN Board and President Buhari. The agency claimed that Emefiele spent N18.96 billion for printing and swapping new naira notes worth N684.5 million.
During the trial, the EFCC's first witness, ex-CBN Director of Operations Umar, testified that his department was directed to draft a memo on the naira's design in August 2022. Umar explained that the memo was presented to the Committee of Governors for consideration but was not approved.
He further detailed the procedure, stating that the Board of Directors must recommend the design to the President for approval before production commences. The court admitted the Certified True Copy of the memorandum as evidence.
The EFCC accused Emefiele of spending N4.4 billion to print "coloured swapped N500 notes" and N3.4 billion to print "137,070 pieces of coloured N200 notes" without proper authorization, violating Section 19 of the CBN Act.
Emefiele denied all allegations, pleading not guilty.
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