Central Bank Ex-Governor Emefiele’s Naira Redesign Different From What Buhari Approved — Witness Tells Court

A former Central Bank of Nigeria (CBN) Deputy Governor, Kingsley Obiora, has testified that Godwin Emefiele, the former CBN Governor, redesigned the naira without President Muhammadu Buhari’s approval.

This shocking revelation has sparked concerns about the integrity of Nigeria’s financial institutions.

Emefiele allegedly bypassed the standard procedure for currency redesign, which involves approvals from the President and the CBN board.

Instead, he presented a purported presidential approval to the Committee of Governors (COG) and unilaterally altered the designs without following protocols.

Obiora’s testimony revealed that Emefiele announced the redesign plan at a CBN event in Lagos on October 25, 2022, despite concerns about the timing and process.

The former Deputy Governor expressed reservations about the haste, suggesting a more thorough study and improvement of the policy.

The CBN Board was only informed about the redesign in mid-December 2022, months after the plan was set in motion. Their role was limited to endorsing the COG’s prior decision, rather than initiating the policy.

The trial has raised questions about Emefiele’s actions and the extent of his authority.

Nigerians are left wondering about the implications of this scandal on the country’s financial stability and the potential consequences for those involved.