Emefiele Violated CBN Act in Naira Redesign Exercise-Witness

Emefiele

By JUMOKE SANNI

The Seventh Prosecution Witness, PW7, Chinedu Eneanya, in the trial of the former governor of the Central Bank of Nigeria, CBN, Godwin Ifeanyi Emefiele on Wednesday, April 1, 2026, told Justice Maryanne Anineh of the Federal Capital Territory High Court, Maitama, Abuja, that Emefiele violated the provisions of the CBN Act in the 2022 naira redesign exercise.

Emefiele is being prosecuted by the Economic and Financial Crimes Commission, EFCC, on a four-count charge, bordering on the alleged unlawful printing of new naira notes.

Testifying under cross-examination by defence counsel, Olalekan Ojo, SAN, at Wednesday’s proceedings, the witness disclosed that “the investigation conducted by the team showed that the defendant disobeyed the provisions of the CBN Act, 2007. The Central Bank must have board recommendations before the currency is redesigned.”

Further in his testimony, the witness disclosed that Emefiele presented three sample designs of the proposed naira notes in the denominations of N1000, N500 and N200, which were approved by the President.

“The president approved on the 11th page and directed that the design be done locally. However, investigation showed that what was eventually produced was not what was presented to the president,” he said.

The witness also disclosed that the original design of the old naira notes was handled by De La Rue, a UK-based company.

On whether the EFCC invited members of the CBN Board of Directors or its Committee of Governors during the investigation, Eneanya stated that the Commission obtained the statement of the official in charge of the Apex Bank’s Corporate Secretariat.