Witness Claims Emefiele Redesigned Naira Without Buhari, CBN’s Approval

Edward Adamu, a witness to the trial against the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, testified that Emefiele did not have the approval of former President Muhammadu Buhari and the apex bank’s board before redesigning the country’s N1,000, N500, and N200 denominations in 2023.

Adamu, the fourth prosecution witness disclosed this on Wednesday, October 9, before Justice Maryanne Anenih of the Federal Capital Territory (FCT), High Court, Abuja.

He stated that the “usual process for currency redesign begins with the Director of Currency Operations submitting a proposal to the Committee of Governors (COG).”

Adamu added, “The COG then transmits the proposal to the CBN Board for approval, with the final stage being the seeking of presidential endorsement.”

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He said, “Emefiele bypassed these procedures by simply calling for a COG meeting and presented what he claimed was a presidential approval and proceeded with the redesign, straightaway.”

I became aware of it in October 2022 when the governor informed us, the deputy governors, that he had gotten express approval to redesign the currency. Then, on the 26th of October, 2022, we were formally informed of the presidential approval of the redesign, so that is what happened in October. Then, there was a formal announcement of the currency redesign. At the meeting, the governor showed us the page where the president’s approval is. Subsequently, there was a board meeting of the board of directors, where we were also informed of the presidential approval of the currency redesign,” he said.

During the trial, Adamu further disclosed that the redesigned N1,000, N500, and N200 denominations in circulation “fundamentally differ” from what was initially approved, adding that Emefiele unilaterally made the changes.

Olalekan Ojo, SAN, one of the defence counsel, asked Adamu if there had been a time when presidential approval was obtained to be acted upon prior to informing the CBN Board, “Such was not the practice during his time at the Apex Bank”, he responded.

Justice Anenih then discharged Adamu following cross-examination and adjourned the case till next Thursday for continuation of trial.

Meanwhile, the 2023 Naira redesign caused excruciating pains and hardship for Nigerians who were subjected to long queues under the scorching sun due to its scarcity.

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Mayowa Durosinmi

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M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

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