A key prosecution witness told an Abuja High Court on Tuesday that former Central Bank of Nigeria (CBN) Governor Godwin Emefiele acted on then-President Muhammadu Buhari’s directive to produce the redesigned naira notes locally. The testimony comes in the midst of Emefiele’s ongoing corruption trial over currency policy decisions during his tenure.
Chinedu Emere, an investigator with the Economic and Financial Crimes Commission (EFCC) appearing as the seventh prosecution witness, said Emefiele submitted a memorandum to Buhari on October 6, 2022 seeking approval for the redesign, production and reissue of the N1,000, N500, N200 and N100 notes. According to court records, the former president approved the redesign but specifically instructed that the newly designed banknotes be produced within Nigeria.
Emere told Justice Maryann Anenih that, in compliance with Buhari’s directive, the Nigerian Security Printing and Minting Company (NSPMC) was tasked with printing the redesigned notes. He confirmed that the CBN raised bills of settlement to the local printer and that the notes were indeed printed domestically, though the design work was done by the foreign firm De La Rue.
The witness also recounted reasons Emefiele gave for the naira redesign policy, including a high rate of counterfeit currency circulating in the system, a worsening shortage of banknotes, and widespread hoarding by the public. These economic pressures, he said, informed the policy direction that Emefiele pursued with federal approval.
Emefiele faces a four-count charge of disobedience to the direction of law and illegal actions causing injury to the public, filed by the EFCC under case number CR/264/2024. The prosecution alleges that he approved the printing of over 375 million redesigned N1,000 notes at a cost exceeding N11 billion without proper approval from the CBN Board and presidential authorisation. Emefiele has pleaded not guilty to the charges.
Justice Anenih adjourned the matter to February 10 for continuation of the trial after ordering that the prosecution make available to the defence the investigative report compiled by EFCC investigators. Developments in the case continue to draw public attention to currency policy and governance at the apex bank.
