Naira Redesign: Emefiele Released Notes Buhari Didn’t Approve – Ex-CBN Acting Governor

Folashodun Shonubi, a former acting Governor of the Central Bank of Nigeria, CBN, has disclosed that the redesigned naira notes released by the apex bank under the leadership of Godwin Emefiele was different from what former President Muhammadu Buhari approved.

Shonubi disclosed this while appearing before Justice Maryann Anenih of the Federal Capital Territory High Court in Maitama, Abuja.

The Deputy Governor of Operations informed the court that Emefiele had claimed that there were intrigues and politics involved in the naira redesign exercise.

While responding to questions from Emefiele’s lawyer, Olalekan Ojo, SAN, Shonubi said the late 2022 naira redesign exercise, ahead of the 2023 general elections, was fraught with politics.

“The currency redesign of 2022 was the only one I was part of. When we had meetings with the defendant (Emefiele), he said there were politics and intrigues around the whole exercise,” Shonubi stated.

He informed the court that the former CBN governor presented a document during one of the CBN’s Committee of Governors’ meetings, which contained the signature of the President.

Shonubi also revealed that the redesigned naira notes produced by the CBN under Emefiele were not the same as what was approved by the President.

“The CBN, under Emefiele, produced something different from what former President Muhammadu Buhari approved,” he said.