Former Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, testified that the 2022 naira redesign exercise was influenced by political intrigue, as disclosed by ex-CBN Governor Godwin Emefiele. Shonubi shared this during the trial of Emefiele, who faces charges from the Economic and Financial Crimes Commission (EFCC) for allegedly violating laws related to the redesign.
Shonubi stated that although presidential approval was obtained, what the CBN ultimately produced differed from what then-President Muhammadu Buhari approved. He also noted that under Emefiele’s leadership, proper procedures for currency redesign were not followed.
While Shonubi lacked direct insight into conversations between Emefiele and the president, he became aware of the political aspects during internal meetings. The case was adjourned until October 9 by Justice Maryanne Anenih for further hearings.
