Ex-CBN Deputy Governor Testifies On Naira Redesign Controversy.
Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Obiora, has disclosed that the CBN Board did not recommend the controversial 2022 naira redesign policy to former President Muhammadu Buhari.
Speaking on Thursday during his testimony in Abuja, Obiora revealed that the CBN Board first learnt of the naira redesign on 15th December 2022. He was testifying as the fifth prosecution witness in the trial of former CBN Governor, Godwin Emefiele, who faces charges including unlawful printing of new naira notes.
Led in evidence by Economic and Financial Crimes Commission (EFCC) counsel Rotimi Oyedepo (SAN), Obiora, who testified virtually, stated:
“To the best of my recollection, the first day this policy was discussed at the board was mid-December 2022. The Governor (Emefiele) invited the Deputy Governor, Operations, and Director, Currency Operations to present the same memo that the Committee of Governors (COG) saw in October. He also informed the board of the President’s approval. I do not recollect any instance of the board recommending the naira redesign to the President.”
Obiora also disclosed that he first heard about the policy during an event in Lagos on 25th October 2022, when Emefiele informed the four CBN Deputy Governors about the plan. He noted that the timing of the announcement at the event commemorating the first anniversary of the e-Naira was questioned.
“My personal reaction was that the event might not be the appropriate place to announce such a significant policy. I also suggested that time should be given to study and make inputs.”
The witness further stated that during a subsequent COG meeting on 26th October 2022, Emefiele directed the Deputy Governor in charge of operations, Ade Shonubi, to present a memo on the redesign. Following the meeting, Emefiele announced the policy at a press conference, citing presidential approval as its basis.
Under cross-examination by defence counsel Olalekan Ojo (SAN), Obiora confirmed that the CBN Board only ratified the COG’s decision at its December 2022 meeting after the redesigned naira notes were already in circulation.
Obiora also acknowledged that currency redesign is often aimed at curbing currency hoarding and trafficking, a rationale he attributed to Emefiele’s emphasis on maintaining secrecy to ensure effective implementation.
The trial, presided over by Justice Maryanne Anenih, has been adjourned until 4th December 2024 to allow Ojo to attend to his health and his daughter’s wedding, scheduled for 29th November.
