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| Godwin Emefiele |
A former Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, has revealed that political influences affected the 2022 naira redesign. Shonubi shared this information during a court hearing in Abuja on Wednesday.
Shonubi, who served as the Deputy Governor of Operations at the time, said that the former CBN Governor, Godwin Emefiele, had mentioned to him and others that there were political intrigues involved in the naira redesign process.
Emefiele is currently facing charges filed by the Economic and Financial Crimes Commission (EFCC) over alleged illegal actions and disregard for the law during the naira redesign.
During cross-examination by Emefiele’s lawyer, Olalekan Ojo, Shonubi confirmed that Emefiele had stated there were politics and intrigues surrounding the exercise, but did not specify what these were.
When asked if the redesign had presidential approval, Shonubi said that Emefiele had presented a document signed by the president during a CBN meeting. However, he noted that the naira notes produced after the exercise were different from what was initially approved by President Muhammadu Buhari.
Shonubi also stated that the CBN, under Emefiele, did not follow the usual procedures for redesigning currency. Typically, the Currency Management Department makes a recommendation, which is then reviewed by the Committee of Governors and the CBN Board before being sent to the President for final approval.
Justice Maryanne Anenih adjourned the case to October 9 for further hearing.
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