Blessing Omale, Abuja
A former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Obiorah, has revealed that the CBN’s 2022 Naira redesign policy was implemented without any formal recommendation from the bank’s board to then President Muhammadu Buhari.
Obiorah disclosed this on Thursday while testifying virtually before the High Court of the Federal Capital Territory (FCT) during the trial of former CBN Governor Godwin Emefiele.
The case, presided over by Justice Maryanne Anenih in Abuja, involves charges of disobedience to lawful directives and actions harmful to the public.
In his testimony, Obiorah stated that the board was introduced to the Naira redesign plan on December 15, 2022, well after President Buhari’s approval.
Led in his testimony by prosecuting counsel Rotimi Oyedepo SAN, Obiorah said he first learned of the redesign policy on October 25, 2022, during an event in Lagos celebrating the anniversary of Nigeria’s digital currency, the e-Naira.
According to him, Emefiele informed the four deputy governors, including Obiorah, of his intention to announce the policy at the event, though they advised him against it, citing the need for further study and preparation.
Despite their reservations, Emefiele proceeded with the plan, presenting it to the CBN’s Committee of Governors (COG) the following day, October 26.
During this meeting, Deputy Governor for Operations Ade Shonubi circulated a memo on the redesign, with Emefiele confirming he had received the President’s approval.
“Later that day, Emefiele held a press conference to officially announce the policy to the public”, he added.
Under cross-examination, Obiorah stated that the CBN board only ratified the redesign policy after the redesigned currency was already in circulation.
He confirmed that the CBN often implemented decisions following presidential directives, such as disbursements of funds to Chad, Niger Republic, and the military, and would inform the COG before notifying the board.
Obiorah also testified that currency redesign can play a role in countering currency trafficking and hoarding, two issues that have plagued Nigeria’s economy.
However, he noted that he had not seen any formal complaints from President Buhari or other presidency officials regarding the redesign once it was underway.
The court case, which sees Emefiele facing a four-count charge filed by the Economic and Financial Crimes Commission (EFCC), will continue on December 4.
The ongoing proceedings are expected to shed further light on the process behind the Naira redesign and its impact on Nigeria’s financial landscape.
