‘How Emefiele Recommended Naira Redesign To Buhari Without CBN Board Approval’

Former Central Bank of Nigeria (CBN) Deputy Governor Kingsley Obiora has testified that the bank’s board never recommended the 2022 naira redesign to then-President Muhammadu Buhari.

Obiora, who previously served as Special Adviser on Economic Matters to former CBN Governor Godwin Emefiele, revealed that the CBN board first learned of the redesign policy on December 15, 2022.

Speaking as the fifth prosecution witness in Emefiele’s trial in Abuja, Obiora testified via audio-visual link, led by Economic and Financial Crimes Commission (EFCC) lawyer Rotimi Oyedepo.

Obiora stated, “To the best of my recollection, the first day this policy (naira redesign) was discussed at the board was mid December, 2022. I think it was around December 15, 2022.

“The Governor (Emefiele) invited the Deputy Governor, Operations and Director, Currency Operations to present that 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 making recommendation for Naira redesign to the President. There was no meeting the board recommended Naira redesign.”

According to Obiora, Emefiele disclosed the naira redesign plan to four Deputy Governors in Lagos on October 25, 2022, during the anniversary of the eNaira launch.

Obiora said he advised Emefiele against announcing it at the event, expressing the need for time to study the policy.

He said: “On 25th October, 2022, we were in Lagos to commemorate the first year anniversary of the digital currency, E-Naira. During the break between the first two sessions of the event, the governor (Emefiele) called the four deputy governors and informed us of plans to redesign the currency.

“He was wondering if he was going to announce it that day at the event. My personal reaction was that the event may not be the appropriate place.

“That was the first time I became aware of the plan. Secondly, my comment was that we would need time to study the policy and make inputs.”

Obiora said on October 26, 2022, which was a Wednesday, the day of the meeting of the CBN’s Committee of Governors (COGs), Emefiele asked Deputy Governor of Operations Ade Shonubi to present the redesign memo to the CBN’s Committee of Governors (COG). After the COG’s approval, Emefiele and two deputies announced the policy in a press conference.

During cross-examination, Obiora confirmed previous roles, including technical adviser to former President Goodluck Jonathan.

He stated that, at its December 15 meeting, the CBN board ratified the naira redesign policy decision made by the COG, emphasizing the board’s limited initial involvement.

The witness also said he was aware of instances of presidential approval for disbursement of funds to Chad, Niger Republic and the military, which the CBN complied with.

He added: “Such (presidential) request would come to the governor. He would usually let the committee (COG) know and it would be implemented before the board get to know.”

Obiora said when he was invited for interrogation by EFCC, he was never shown any document from President Buhari or any officials from the presidency complaining about the redesigned naira notes already in circulation.

He agreed with Ojo that one of the reasons for currency redesign is to combat currency trafficking and hoarding.

The testimony concluded with Oyedepo requesting an adjournment, which the defense did not oppose.

Defense lawyer Olalekan Ojo requested the court vacate the November 29 trial date to accommodate personal commitments.

Justice Maryanne Anenih then adjourned the trial to December 4.