EFCC Witness: Emefiele Complied with Buhari’s Directive to Produce Redesigned Naira Notes Locally
An Economic and Financial Crimes Commission (EFCC) witness has told a Federal High Court in Abuja that former Central Bank of Nigeria (CBN) Governor Godwin Emefiele acted on a directive from former President Muhammadu Buhari to ensure that Nigeria’s redesigned naira notes were produced locally.
According to Daily Post, the testimony was given on Tuesday during the continuation of Emefiele’s trial over allegations related to the controversial naira redesign and currency management programme.
Court Testimony
The EFCC witness, a senior official involved in the implementation of the currency redesign project, said the former CBN governor relayed and enforced the presidential directive, instructing relevant departments within the apex bank to work with local security printers for the production of the new notes.
The witness told the court that the move was aimed at strengthening national security, reducing foreign dependence, and cutting production costs associated with printing currency abroad.
Defence and Prosecution Positions
Prosecutors argued that the testimony supports their claim that Emefiele exercised significant authority and oversight over the programme, while the defence maintained that the former CBN governor was simply carrying out lawful directives from the presidency.
Emefiele’s legal team said the evidence shows that decisions around the redesign were taken within the framework of government policy and not for any personal or unlawful benefit.
Background to the Case
The naira redesign policy, introduced in late 2022, sparked widespread debate and economic disruption, including cash shortages and long queues at banks and ATMs across the country. The programme has remained a key focus of ongoing legal proceedings involving the former CBN governor.
Next Steps
Justice presiding over the matter adjourned the case to a later date for the continuation of cross-examination and further testimony by prosecution witnesses.
Public Interest
The trial continues to attract significant public attention, given the far-reaching impact of the naira redesign on businesses and households, and its implications for monetary policy governance in Nigeria.
Source: Daily Post