By Muhammad Mamman
A key witness in the ongoing trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele has testified that the ex-apex bank chief adhered to former President Muhammadu Buhari’s instruction that the controversial 2022-2023 naira redesign be carried out domestically.
Chinedu Emere, the seventh prosecution witness and an investigator with the Economic and Financial Crimes Commission (EFCC), made the admission on Tuesday during cross-examination by Emefiele’s lead counsel, Olalekan Ojo (SAN), at the Federal Capital Territory (FCT) High Court in Abuja.
Emefiele is facing charges related to the naira redesign policy, including allegations of illegal currency redesign, disobedience to lawful orders, and other financial offences. He has pleaded not guilty.
The witness told the court that Emefiele submitted a memorandum dated October 6, 2022, to then-President Buhari seeking approval to redesign, produce, and reissue the N1,000, N500, N200, and N100 notes. Buhari approved the redesign but added a handwritten minute: “Approved but to be produced locally.”
Emere confirmed that production was handled by the Nigerian Security Printing and Minting Company (NSPMC), in line with the presidential directive.
“The Nigerian Security Printing and Minting Company produced the redesigned notes. This is in compliance with presidential directive for local production of the naira notes,” the witness stated.
He added that while printing occurred locally at NSPMC, the redesign work was carried out by the UK-based firm De La Rue, with both entities fully paid for their respective roles as shown in settlement documents.
The testimony appears to support the defence position that key aspects of the policy, including local production, aligned with presidential approval. Earlier witnesses in the trial have alleged deviations, such as Emefiele allegedly ignoring an approved design or bypassing required approvals from the CBN board.
The naira redesign policy, introduced in late 2022, triggered severe cash shortages, economic disruption, and public unrest in Nigeria ahead of the 2023 general elections. It remains one of the most contentious decisions of Emefiele’s tenure.
The trial continues, with the court having scheduled additional hearing dates through mid-2026 to conclude proceedings. Emefiele has denied all charges, maintaining that the redesign was a legitimate monetary policy aimed at curbing counterfeiting, reducing cash hoarding, and addressing currency shortages.
